Ripple CEO Reveals Plans to Prioritize Hiring Outside the U.S. Amidst Regulatory Uncertainty
Ripple CEO Brad Garlinghouse has announced that the company will primarily focus on hiring outside of the United States in the coming years.
In an interview with CNBC International, Garlinghouse explained that this decision is a response to the uncertainty surrounding cryptocurrency regulations in the U.S., which has driven entrepreneurs and investors to seek more favorable jurisdictions. Europe, with its well-defined and robust regulatory framework for digital assets, has become a major beneficiary of this trend.
Garlinghouse highlighted how the regulatory confusion in the U.S. has impacted Ripple’s operations, necessitating a significant allocation of resources outside of the country. He stated, “95 percent of our customers are non-U.S., and this year most of our hiring will be non-U.S. for some of those exact same reasons.” The expansion of Ripple into Europe is a direct result of the continent’s favorable regulatory environment.
Discussing the future of cryptocurrency regulations in the wake of the FTX case, Garlinghouse emphasized the importance of clear rules and roadmaps provided by nations such as the United Arab Emirates, the United Kingdom, Singapore, and Europe. He believes that this regulatory clarity enables entrepreneurs and investors to engage more constructively with regulators. Ripple’s recent acquisition of Medico, a Swiss-based firm, was partly motivated by the regulatory clarity offered by Switzerland.
Garlinghouse also emphasized the need to differentiate between crypto-specific issues and broader problems like fraud. Using the FTX case as an example, he argued that it was a fraud issue rather than a cryptocurrency-specific problem. “Frauds happen in lots of different asset classes. It’s not, unfortunately, specific to crypto,” he pointed out. Garlinghouse suggested that the U.S. could learn from countries like Europe that provide clear regulatory frameworks for digital assets.
In conclusion, Ripple CEO Brad Garlinghouse’s recent interview with CNBC International shed light on the company’s plans to focus its hiring efforts outside of the U.S. due to the ambiguity of cryptocurrency regulations in the country. Garlinghouse praised Europe and other jurisdictions for their clear and robust regulatory frameworks, which have attracted entrepreneurs and investors seeking certainty. He called on the U.S. to take lessons from these countries and provide a more conducive regulatory environment for digital assets.
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