United

Gary

<p>In a recent announcement, Ripple CEO Brad Garlinghouse confirmed that the company has temporarily shelved its plans for an initial public offering (IPO) due to an ongoing legal dispute with the United States Securities and Exchange Commission (<a href="https://www.cryptopolitan.com/sec-unlikely-to-approve-ethereum-etf/" rel="noopener noreferrer nofollow">SEC</a>).&nbsp;</p>
<p>Garlinghouse expressed concerns about the regulatory climate in the United States and the challenges it poses to going public.</p>
<h2 class="wp-block-heading" id="legal-battle-casts-a-shadow">Legal battle casts a shadow</h2>
<p>Ripple has been embroiled in a protracted legal battle with the SEC for the past three years. The SEC initially filed a lawsuit against Ripple in 2020, alleging that the company had sold unregistered securities in the form of its cryptocurrency, XRP. This lawsuit has cast a shadow over Ripple’s plans to go public.</p>
<p>In 2022, amid hopes of resolving the legal issues, Garlinghouse hinted at the possibility of Ripple pursuing an IPO once the lawsuit was behind them. However, as of 2024, the legal battle remains unresolved, and the company has decided to put its IPO plans on hold.</p>
<p>Garlinghouse cited the “hostile” regulatory environment in the United States as a significant factor in this decision. He expressed concerns about the SEC’s stance and its impact on the company’s ability to successfully go public. Despite having its S-1 registration form approved, Garlinghouse mentioned that navigating the IPO process with a regulator actively suing Ripple is less than appealing.</p>
<p>Comparing Ripple to Coinbase, another major crypto firm that successfully went public, Garlinghouse highlighted the irony of the SEC’s actions. He noted that Coinbase, which had received regulatory approval for its IPO, is now facing legal challenges from the SEC for alleged misconduct outlined in its S-1 document.</p>
<h2 class="wp-block-heading" id="ripple-keeps-ipo-option-open">Ripple keeps IPO option open</h2>
<p>While Ripple has decided to delay its IPO plans for now, Garlinghouse emphasized that the company has not ruled out the possibility entirely. Ripple intends to keep the option of going public open and will reevaluate it as circumstances change or if there are shifts in regulatory oversight.</p>
<p>Garlinghouse hinted at the importance of having new regulators at the United States SEC and their potential impact on Ripple’s IPO plans. The CEO’s statements reflect the company’s cautious approach in the face of regulatory uncertainty.</p>
<p>Brad Garlinghouse did not mince words in his criticism of the SEC and its current chair, Gary Gensler. He described Gensler as a “political liability” in the United States, expressing his belief that Gensler’s actions were not aligned with the best interests of the country’s citizens or its long-term economic growth.</p>
<h2 class="wp-block-heading" id="xrp-s-lackluster-performance">XRP’s lackluster performance</h2>
<p>Aside from the IPO delay and legal battles, Ripple’s native cryptocurrency, <a href="https://www.cryptopolitan.com/david-schwartz-clarifies-the-xrpl-genesis/" rel="noopener noreferrer nofollow">XRP</a>, has faced challenges. Despite the recent rally in the cryptocurrency market, XRP has failed to exhibit significant price movement. It is trading at $0.574, showing minimal fluctuations over the past week.</p>
<p>Furthermore, XRP has experienced an 8% decline since the start of 2024, continuing its struggle to regain its former glory. The cryptocurrency remains far below its all-time high of $3.40 in 2018, with a staggering 83% decrease in value.</p>
<h2 class="wp-block-heading" id="unaffected-by-xrp-etf-rumors">Unaffected by XRP ETF rumors</h2>
<p>Even rumors of a potential spot XRP exchange-traded fund (ETF) have not been enough to spark a substantial shift in XRP’s performance. The cryptocurrency market has seen significant interest in ETFs for various digital assets, but XRP has not witnessed the same enthusiasm from traders.</p>

Ripple CEO delays IPO plans amid ongoing legal battle with SEC

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