Ripple CEO Brad Garlinghouse revealed exclusive information about the company’s plans regarding its initial public offering during a CNBC Interview at the World Economic Forum in Davos. Despite initially considering markets outside the US for the IPO due to what Garlinghouse described as a “hostile” regulator, the company decided to suspend the offering for the time being.
Ripple CEO Brad Garlinghouse revealed exclusive information about the company’s plans regarding its initial public offering during a CNBC Interview at the World Economic Forum in Davos. Despite initially considering markets outside the US for the IPO due to what Garlinghouse described as a “hostile” regulator, the company decided to suspend the offering for the time being.
Garlinghouse expressed concern about the ongoing lawsuit with the US SEC, which began in 2020 and remains unresolved. He stressed that attempting to go public in the United States with an adversary regulator that had approved the S-1 filing was not an attractive prospect. Comparing Ripple’s situation to Coinbase’s, Garlinghouse highlighted the challenges faced by companies navigating the SEC’s regulatory landscape.
Garlinghouse, notably critical of the SEC’s approach to regulating the cryptocurrency industry, referred to Chairman Gary Gensler as a “policymaker.” He hinted at a possible reconsideration of a US listing once a new chairman takes office at the SEC.
No hurry
While he kept the IPO option open, Garlinghouse stressed that it is not an immediate priority for Ripple. Shareholder liquidity took center stage in the discussion, with Garlinghouse confirming that the company had repurchased $1 billion of its shares, providing liquidity to investors who have been involved with Ripple since its inception 12 years ago.
As the regulatory landscape evolves, Garlinghouse expressed a commitment to reevaluate the decision to go public in conjunction with changes at the SEC. Despite the uncertainties, he assured stakeholders that Ripple’s focus remains on long-term sustainability, with the IPO an option to consider as time goes on.
