Ripple CEO Explored IPO Outside of US Now Puts Plans on Hold

Cryptocurrency XRP
Ripple’s CEO Brad Garlinghouse has stated that the company is exploring the possibility of an IPO (Initial Public Offering) in markets outside the United States, citing regulatory “hostility” as the reason. However, Garlinghouse mentioned that Ripple has temporarily shelved any IPO plans.
In 2022, Garlinghouse had previously stated that Ripple would explore going public after resolving its legal battle with the U.S. Securities and Exchange Commission (SEC). However, during an interview with CNBC at the World Economic Forum in Davos, Switzerland on Tuesday (16th), he mentioned that Ripple is now looking into other jurisdictions with clear listing rules due to the SEC’s actions preventing them from listing in the U.S.
An S-1 is a document submitted to the SEC before an IPO in the U.S., detailing the company’s financial performance and major risks to investors. While Coinbase has gone public in the U.S., it was still sued by the SEC last year for allegedly operating as an unregistered broker and exchange.
Garlinghouse also referred to SEC Chairman Gary Gensler as a “political burden” during the interview on Tuesday, suggesting that with a new SEC chairman, his company may consider going public in the U.S.
According to Garlinghouse, Ripple will evaluate the possibility of going public “over time,” but he emphasized that going public is not a top priority for Ripple.
Reuters reported this month that Ripple has been buying back shares from shareholders. Garlinghouse confirmed this, stating that the company has bought back $1 billion worth of shares so far.