Ripple is engaged in a protracted dispute initiated by the United States Securities and Exchange Commission (SEC). Amid the growing uncertainty over the conclusion of the lawsuit, Ripple’s CEO has openly stated Ripple’s plans to deal with the matter.
To transfer ripple when losing
Brad Garlinghouse, while addressing the confrontation conference, informed Axios that if they lost the ongoing case, the company would relocate outside the United States entirely.
According to research, many enterprises have relocated to Miami because of the many for-profit regulations. Similarly, Ripple has just created its first Canadian office.
The outcome of the dispute between both the SEC and Ripple could have a significant impact on the entire crypto market. In addition, a drop in XRP could result in more enterprises leaving the country.
Legal issues have slowed the development of Ripple’s native coin. The ongoing controversy caused most US crypto exchanges to delist XRP. Nevertheless, the XRP price is up by over 14% in the last 24 hours. At the time of publication, it was changing hands at $0.37. Its 24-hour trading rate is up 65% to $1.69 billion.
Ripple’s collapse will affect the entire industry
According to the study, Ripple’s success in court could massively impact the performance of the company and encourage other firms to cooperate with and adopt Ripple. Conversely, if the company suffers a loss, the payment protocol will shift its focus outside the country.
Ripple further stated that leaving the United States would close the road to growth as it is the world’s leading financial system. Meanwhile, Ripple’s CEO has already said that the business will explore going public once the dispute is resolved.
The SEC also requested amendments to the defendants’ response to the agency’s statement.