Crypto Company Ripple Labs Will Recruit 80% Of New Employees From Outside The US

Crypto company Ripple will recruit more employees from outside the US. (Photo; Doc. Financial Pandora)

JAKARTA - Ripple Labs, the company behind the XRP crypto asset, has announced its plans to carry out around 80% of recruitment outside the United States. This decision comes as Ripple has to face the US Securities and Exchange Commission (SEC) in its latest legal feud.

Ripple Chief Executive Officer, Brad Garlinghouse, revealed in an interview with Bloomberg Television that in jurisdictions such as Hong Kong, Singapore, UK, and Dubai, the government has entered into partnerships with the crypto industry. They provide clear rules and support the growth of the industry.

This statement was made by Garlinghouse while a crypto conference was taking place in Singapore. Although the court has supported Ripple by classifying XRP as a non-security asset, the US SEC still has not acknowledged this classification.

Under the leadership of Gary Gensler, the SEC has taken a tough stance on digital assets. Gensler argues that most crypto tokens should be considered securities and must comply with regulatory oversight. Meanwhile, progress in making crypto laws at the United States Congress is slow.

The latest information, in the development of a lawsuit between Ripple and the SEC, Ripple opposes the SEC's request to appeal a court decision classifying XRP as a non-securities asset when it was sold to the public. The SEC began legal action against Ripple in 2020 on charges that the company failed to register XRP as a securities.

Ripple remains optimistic in this case despite spending more than 100 million (IDR 1.5 trillion) on legal costs. Garlinghouse expressed confidence it would win the case, given the unlimited support from the government and various parties for Ripple.