Ripple CEO Announces Decision to Exit The US if Defeated in Court

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Ripple has been engaged in a lengthy dispute initiated by the United States Securities and Exchange Commission (SEC). Amid escalating uncertainty over the trial’s conclusion, Ripple’s CEO has openly stated Ripple’s plan to deal with the case.

Ripple To Relocate If Defeated

Brad Garlinghouse, addressing the Collision conference, notified Axios that if they lose the ongoing case, the company will relocate altogether outside of the United States. 

According to the research, numerous enterprises have relocated to Miami due to several beneficial rules. Likewise, Ripple has just created its first Canadian office.

The result of the dispute for both the SEC and Ripple might have a significant impact on the entire crypto market. Also, a decline in XRP may cause more enterprises to leave the nation.

Legal issues have slowed the growth of Ripple’s native coin. Most of the US crypto exchanges removed XRP due to the ongoing dispute. Nevertheless, the XRP value has increased by more than 14% in the last 24 hours. At the time of publication, it was changing hands at $0.37. Its 24-hour trading rate has grown by 65%, positioned at $1.69 billion.

Ripple’s Fall Will Impact The Entire Industry

As per the study, Ripple’s success in the court could massively influence the company’s performance and encourage other firms to cooperate with and adopt Ripple. Conversely, if the company suffers a loss, the payment protocol will shift its attention outside the nation.

Ripple went on to say that departing the United States would shut off a road to development because it is the world’s leading financial system. Meanwhile, Ripple’s CEO has already stated that the business will explore going public after resolving the dispute.

The SEC also requested revisions to the defendants’ reply to the agency’s statement.