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San Francisco-based fintech firm is altering its hiring strategy, seeking talent outside the United States due to ongoing regulatory challenges. Ripple’s CEO, Brad Garlinghouse, disclosed in a Bloomberg interview on Wednesday that more than 80% of the company’s new hires this year will be sourced from overseas jurisdictions.
Garlinghouse pointed out that regions such as Singapore, Hong Kong, and Dubai are providing clear rules for the crypto industry and fostering growth. This is in contrast to the situation in the U.S., where Ripple is engaged in a protracted legal battle with the Securities and Exchange Commission (SEC).
The SEC has taken an assertive stance on regulating the crypto industry via enforcement and litigation. Ripple has already spent over $100 million in legal fees in its ongoing dispute with the federal regulator. Despite these challenges, Garlinghouse remains optimistic about a victory, stating that the government is continuing to fight a battle they’ve already lost.
On Tuesday, SEC Chair Gary Gensler reaffirmed his stance on digital assets despite recent court losses. He attributed difficulties in the crypto industry to non-compliance with securities laws. Bloomberg ETF analyst James Seyffart noted that many senators are criticizing Gensler for proposing rules without Congress’s backing.
In response to whether there will be a shift in the U.S. regulatory environment, Garlinghouse expressed hope for change with new administrations and eventual congressional action. However, he noted that progress on developing legislation to clarify crypto’s status has been slow.
The ongoing legal dispute and regulatory uncertainty have influenced Ripple’s token, XRP. The asset has erased all gains made following a partial victory against the SEC in June and fell back to $0.47 this week. It was trading flat at $0.475 on Wednesday. Over the past two weeks, XRP has lost 11% of its value and remains down 86% from its January 2018 peak of $3.40.
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