The prospects of Ripple Labs filing for an initial public offering have been discussed at large throughout the past couple of years.
Brad Garlinghouse, the company’s chief executive officer, spoke today at a fireside chat at Korea Blockchain Week, which is currently held in Seoul.
Ripple IPO in the US?
Speaking at the conference, Garlinghouse discussed several topics, including the prospects of an initial public offering (IPO) in the United States.
When asked about it, the CEO said that they are not currently interested in going public in the country. This is mostly because of the US Securities and Exchange Commission’s stance towards the entire industry, not just Ripple.
He went so far as to say that he advises people against incorporating their companies there because, otherwise, they “are just asking for more legal bills.”
JUST IN: Speaking at #KBW2024, the CEO of Ripple, Brad Garlinghouse, said that he has ‘no interest’ in an IPO in the US. $XRP pic.twitter.com/fDvx3hChC5
— CryptoPotato Official (@Crypto_Potato) September 4, 2024
Recall that the US SEC has filed a massive multi-billion dollar lawsuit against Ripple, alleging that the company has conducted unregistered offerings of securities. Essentially, the Commission argues that its native cryptocurrency – XRP – should fall under the purview of securities regulations.
Recently, however, US Judge Analisa Torres ruled partially against the SEC, reducing its claimed fine by more than 90% to around $125 million, maintaining her previous ruling that XRP offered on secondary exchanges is not a security.
Ripple Stablecoin Incoming
As CryptoPotato reported earlier in August, the company is also planning to launch its own stablecoin called Ripple USD.
At the conference, Garlinghouse also discussed this topic, detailing that they are currently in a “private kind of closed beta,” and that RLUSD has been minted in that framework.
He also gave a projected launch timeline, saying that the expectations are for that to happen within “weeks, not months.”