Ripple CEO eyes IPO outside US until Gensler takes over as chairman

The legal battle between Ripple and the SEC has intensified as Ripple seeks to keep its financial data confidential amid the SEC’s pursuit of $2 billion in penalties related to Ripple’s XRP sales.

Amidst this, Ripple CEO Brad Garlinghouse hints that foreign jurisdictions could be considered for a possible initial public offering (IPO) during an interview at the 2024 Consensus Event. According to him, given In the current regulatory climate, an IPO in the United States makes no sense.

Ripple IPO Makes No Sense in the US

When asked about Ripple’s IPO at the 2024 Consensus Conference, Garlinghouse mentioned that an initial public offering (IPO) is not a priority for Ripple at the moment, citing the leadership of the US SEC under the leadership of its president Gary Gensler as a significant obstacle.

He pointed out that Ripple’s S-1 registration statement for an IPO requires SEC approval, but he doubts a favorable outcome. He even criticized Gensler’s position, saying it did not support a progressive vision.

Therefore, Garlinghouse concluded that pursuing an IPO in the United States is not reasonable for Ripple under the current circumstances, stating: “Putting Ripple public in the United States at this time makes no sense . »

XRP Price Expected After Ripple IPO

Recent data from Linqto indicates that Ripple’s pre-IPO shares are currently trading at $50.69, significantly higher than last year’s $35. This represents a 1,242% increase in Ripple’s valuation. Such a significant rise could have a positive impact on the price of XRP, although there is little historical data to accurately predict the magnitude of this impact.

Currently, XRP is trading at $0.52 after a recent decline. If the price of XRP increased by the same 1,242% as Ripple shares, it would reach $6.63.

XRP ETF Online

Additionally, Brad Garlinghouse states that with the approval of the Ethereum spot ETF, he believes the market is heading towards a staggering $5 trillion valuation.

However, he confidently stated that the emergence of XRP, SOL and other cryptocurrency exchange-traded funds (ETFs) is not a matter of if, but when.

Key development in the Ripple ecosystem

Beyond the ETF discussion, Garlinghouse also revealed Ripple’s plans for institutional DeFi development. This initiative aims to introduce multipurpose tokens, thereby expanding the utility and versatility of the Ripple ecosystem.

In doing so, Ripple seeks to position itself at the forefront of innovation within the cryptocurrency industry.