Ripple CEO rules out IPO due to 'hostile' SEC
Ripple considered going public outside the US due to the SEC's "hostile" attitude, but shelved those plans. The CEO of the fintech company, Brad Garlinghouse, said this in Davos.
âTrying to go public with a 'hostile' regulator who has to approve your S-1 doesn't sound like much fun to me. Coinbase approved the form, after which the SEC sued them for actions that were reflected in their reporting,â Garlinghouse explained.
According to the top manager, an IPO is not a priority at the moment.
âWe looked at other jurisdictions with clear 'rules of the road'. [âŠ]. Ripple doesn't need to raise capital. [âŠ] We leave this option open and will evaluate it again after the SEC changes,â explained the companyâs CEO.
Garlinghouse called current Commission Chairman Gary Gensler a "political liability" and described the agency's future leadership renewal as "a good scenario for the American people."
