Important crypto news from Ripple (XRP), which plans to make 80% of its new hires outside the United States, according to Bloomberg.
Specifically, Brad Garlinghouse said the company will consider hiring opportunities in countries with clear regulations.
Summary
News from Ripple (XRP): new hires in countries with greater regulatory clarity for crypto
Ripple recently planned to make 80% of its new hires outside the United States, focusing on countries with clear regulatory frameworks, CEO Brad Garlinghouse said in an interview with Bloomberg on Wednesday.Â
Garlinghouse highlighted markets such as Singapore, Hong Kong, the United Kingdom and Dubai, where governments cooperate with the industry and provide clear rules, explaining that this is the main reason why Ripple is increasing its staff outside the United States.
Moreover, as we know, Ripple and the US Securities Exchange Commission have been involved in a legal dispute.
Some time ago, the SEC accused Ripple of violations of securities laws.Â
However, in the process, Ripple won a partial victory when, in July, a US judge ruled that the sale of Ripple’s XRP tokens on exchange platforms and through algorithms did not constitute investment contracts.
Nevertheless, the SEC sought to appeal this decision. CEO Brad Garlinghouse commented that this confusion seems to be a way for the SEC to consolidate its power as they continue to bring legal actions.
In addition to taking Ripple to court, the Securities Exchange Commission (SEC) has also taken legal action this year against major cryptocurrency exchange platforms, including Coinbase and Binance. Â
SEC legal action: impact on tokens and the crypto market
The SEC’s recent legal actions against major cryptocurrency exchanges could prompt 19 tokens named in court documents to reconsider their operations in more legally favorable jurisdictions, according to several analysts.
However, the ultimate impact remains uncertain. Meanwhile, native cryptocurrencies of some well-known protocols have suffered significant losses.
Sean Farrell, head of digital asset research at data firm FundStrat, said the following on the matter:
“I’m not sure the lawsuits are a surprise to anyone who follows the current SEC agenda. They want to stifle the on-ramps with expensive legal burdens so that everyone moves abroad.”
As we know, in previous months the SEC has accused both Binance and Coinbase of offering unregistered securities to the public, among other charges.
These lawsuits highlight the outstanding questions about the nature of cryptocurrencies, whether they are considered securities, assets or otherwise.
It is worth recalling that securities represent tradable investments used to raise capital.
Initially, the SEC alerted Coinbase to its intentions to file a lawsuit earlier this year by sending a Wells Notice, to which Coinbase responded in April.
A Wells Notice is a notification that signals the agency’s intention to take legal action against a company. Meanwhile, the SEC has conducted close surveillance of Binance in recent years.
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