According to CEO Brad Garlinghouse in a recent interview. this year, Ripple will hire 80% of its workforce outside of the United States in nations with more transparent regulations.
“You see markets like we have here in Singapore, and certainly even what we’re seeing in Hong Kong, the U.K., and Dubai, where the governments are partnering with the industry, and you see leadership, providing clear rules, and you see growth,” Garlinghouse said. In fact, 80% of ripple’s employment this year will take place outside of the United States, so that’s why they are doing so.
The U.S. Securities Exchange Commission and Ripple have been engaged in legal conflict. According to the SEC, Ripple has broken securities laws. A U.S. judge’s ruling in July that the selling of Ripple’s XRP tokens on exchanges and through algorithms did not constitute investment contracts gave the company a partial victory in this battle. The SEC has now attempted to appeal this judgement, though.
“Confusion masquerades as power to the SEC, and the more confusion the more power they feel they have because they’re just going to keep filing lawsuits,” said Garlinghouse. This year, the SEC has brought cases against major cryptocurrency exchanges Coinbase and Binance in addition to Ripple.