The CEO of Ripple, Brad Garlinghouse, has expressed the company’s exploration of the possibility of conducting an Initial Public Offering (IPO) in markets outside the United States, attributing this decision to regulatory “hostility”. However, Garlinghouse stated that Ripple has temporarily suspended any IPO plans.
In 2022, Garlinghouse had previously stated that Ripple would explore going public after concluding its litigation with the U.S. Securities and Exchange Commission (SEC). However, during an interview with CNBC at the World Economic Forum held in Davos, Switzerland on Tuesday (16th), he revealed that Ripple has been “exploring jurisdictions that have clear public listing rules”, and his company has yet to go public in the United States due to the SEC’s actions.
S-1 is a document submitted to the SEC prior to an IPO in the United States, which outlines the company’s financial performance and major risks associated with investing in the company. Although Coinbase has gone public in the United States, it was still sued by the SEC last year, accused of operating as an unregistered broker-dealer and exchange.
Garlinghouse also mentioned during the interview on Tuesday that SEC Chairman Gary Gensler is a “political burden” and believes that with a new chairman, his company may consider going public in the United States.
According to Garlinghouse, Ripple will evaluate the possibility of going public “over time”, but he also made it clear that going public is not a top priority for Ripple.
Reuters reported this month that Ripple has been buying back shares from shareholders. Garlinghouse confirmed this and stated that the company has bought back $1 billion worth of shares to date. He said,
