- Brad Garlinghouse gave several extensive comments to the press at the World Economic Forum in Davos.
- Among other things, he explained share buybacks, talked about IPOs and highlighted his position in relation to the SEC and the head of the regulator.
Ripple Labs CEO Brad Garlinghouse noted that the company was considering other markets for its IPO due to the strict policies of the US Securities and Exchange Commission (SEC). This is reported by CNBC.
Rumors that Ripple Labs was preparing an IPO appeared back in October 2023. Then the company posted a vacancy for a shareholder relations manager.
Prior to this, in 2022, Garlinghouse said that Ripple Labs was considering going public, but only after the court case with the SEC was completed. The company won a partial victory in July 2023.
In a comment to the publication of the company's CEO statedthat Ripple Labs has not yet completed an IPO primarily due to the SEC's strict policies.
“Trying to go public in the States with a very hostile regulator that has to approve your S-1 filing doesn’t seem like a good idea to me,” Garlinghouse noted. “Coinbase got S-1 approval and now the SEC is filing for them.” to court because of what is stated in the application.”
The regulator accused the exchange of trading securities without a license. The SEC filed the lawsuit in June 2023.
However, the CEO of Ripple Labs noted that the company is considering other markets for a potential IPO. However, this is not the company's priority.
Garlinghouse also confirmed the fact of repurchase of shares from holders of Ripple Labs securities. According to him, this is an attempt to add more liquidity to assets.
Notably, prior to this, on January 16, 2024, Garlinghouse publicly criticized SEC Chairman Gary Gensler. According to him, he is a “political liability.”
The head of the company noted that the official’s course is irrational:
“His actions are not consistent with the interests of citizens or long-term economic growth. I just don't understand him.”
Garlinghouse expressed confidence that the SEC will have a new chairman in the future and this, he said, will benefit the States.
It is noteworthy that the CEO of Ripple Labs is on the list of people of 2023 in the crypto industry according to Incrypted: