Ripple’s expansion plans come months after its partial victory in its ongoing legal battle with the US SEC.
In a strategic move aimed at addressing ongoing regulatory issues in the United States, Ripple, a blockchain payment company, is gearing up to significantly expand its workforce in international markets.
In an interview with CNBC on September 13, Ripple CEO Brad Garlinghouse said without revealing the actual locations that over 80% of the company’s new hires for the year will be directed to nations where governments actively support the blockchain industry and offer clear regulatory guidelines.
The crypto payment company has opted to focus its hiring efforts on countries that provide a more favorable regulatory environment for blockchain companies.
Ripple’s Chosen Locations forHiring Workforce Revealed
A few days after the disclosure, John Deaton, a prominent lawyer known for his pro-XRP stance, claimed to have inside information regarding Ripple’s hiring plans.
Deaton took to Twitter now X to announce that the payment company is set to increase its workforce in Dubai, Singapore, and the United Kingdom, attributing this information to Ripple’s CEO, Brad Garlinghouse.
At Mainnet and @bgarlinghouse just said: “We’re hiring in Dubai, We’re hiring in London, We’re hiring in Singapore…”
Now I ask: Do you feel protected?
— John E Deaton (@JohnEDeaton1) September 20, 2023
This revelation has garnered attention and speculation from the crypto community.
Many industry observers consider this move outside the United States a sensible strategy, given the uncertainty surrounding Ripple’s regulatory status within its home country.
One of the people who responded to the post, a famous crypto trader with the pseudonym KALEO, even humorously suggested that the company’s decision to explore international markets is due to the low unemployment rates in the United States, making it challenging to find suitable American employees.
“Probably because the US unemployment level is so low, they know it’ll be impossible to find a good American employee who needs a job!.”
Ripple Secures Major Victory Against SEC
Ripple’s expansion plans come months after its partial victory in its ongoing legal battle with the United States Securities and Exchange Commission (SEC).
The Ripple vs. SEC case reached a critical juncture in mid-July when a court ruling determined that the sale of XRP did not constitute an offer of investment contracts. This ruling marked a significant turning point for the company, resulting in a substantial surge in the value of XRP.
Recall that the SEC had previously claimed that XRP is a security and should be regulated under the country’s securities rules. However, Judge Analisa ruled that the crypto asset has zero properties of securities.
Nevertheless, the SEC expressed discontent with the court’s decision and officially filed an appeal in early September.
There is a prevailing belief among crypto community members, including KALEO, that the regulator’s appeal may ultimately meet a dead end, potentially paving the way for Ripple to secure a significant victory. These people believe such an outcome could drive XRP’s value to the moon.
“I’m long $XRP. The USD chart has found solid support after completely retracing to the pre-July SEC news levels, while the BTC pair is on the verge of an HTF breakout. Considering the SEC’s track record this year in cases against crypto, I’m buying the blood and taking the bet their interlocutors’ appeal gets denied and this fully sends again,” he said.