- Ripple’s potential overseas IPO reflects skepticism towards U.S. regulatory approval.
- A blockchain researcher predicts that the XRP price will surge if Ripple goes public.
With his statement that it makes no sense to go public in the United States, Ripple CEO Brad Garlinghouse has suggested that the business is looking at other jurisdictions for a possible IPO.
Garlinghouse hinted at this during a CoinDesk-hosted interview at the 2024 Consensus conference. Directly questioned on Ripple’s IPO intentions, Garlinghouse voiced doubts about going after an IPO in the US.
No IPO Under Gary Gensler
Garlinghouse told the interviewer that Ripple is not now planning to do an initial public offering (IPO). He gave Chairman Gary Gensler of the U.S. Securities and Exchange Commission (SEC) credit for this position. The regulator would have to approve Ripple’s S-1 registration statement for an IPO, and Garlinghouse doubts that would happen.
Earlier, Lynn Martin, the president of the New York Stock Exchange (NYSE), said that applications from blockchain-related businesses like Ripple were welcome. Garlinghouse set Martin’s progressive outlook against that of SEC Chairman Gensler.
Martin is a great example of the way business should go, he said, but Gensler’s stance is not in line with this progressive perspective.
Garlinghouse therefore came to the conclusion that, under the current conditions, Ripple would be crazy to think of doing a U.S. IPO. “Going public for Ripple right now does not make any sense,” he said.
In bolstering his argument, Garlinghouse brought up the state of affairs with Coinbase, the top exchange in the United States. The SEC had previously authorized Coinbase’s IPO statement, which described its business operations, he noted.
Meanwhile, in reaction to the latest developments, blockchain researcher Collin Brown said that XRP would appreciate dramatically after Ripple goes public.
Garlinghouse confirms that #Ripple is interested in going public, but they will probably carry out their IPO outside of the U.S. Right now, it doesn't make sense as long as Gary Gensler is still Chair of the SEC.
Once Ripple goes public, the price of XRP will skyrocket! 🚀🚀🚀 pic.twitter.com/XCNvVfLP2o
— Collin Brown (@CollinBrownXRP) June 2, 2024
At the time of writing, XRP was valued at roughly $0.5147, down 1.08% in the last 24 hours, according to CoinMarketCap data. At 3.93%, this also indicates a bearish position during the previous seven days.
Previously, CNF highlighted Garlinghouse’s view that an XRP ETF is inevitable and crucial for the adoption of cryptocurrency.
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