Abstract：The Securities and Exchange Commission has been fighting the Ripple for more than a year and a half now, with no clear decision still.
Ripple CEO Brad Garlinghouse said losing the lawsuit could have a dampening effect on the crypto industry.
The company has already announced it will be opening up an office in Toronto, Canada.
Ripples native token XRP was observed trading at $0.3542.
While the Securities and Exchange Commission (SEC) has been pounding on the crypto company, today, the Chief Executive Officer (CEO) of Ripple, Brad Garlinghouse, made the headlines for announcing their decision should the lawsuit end up in SECs favor.
Speaking to Axios at the Collision Conference in Toronto, Garlinghouse, upon being questioned if the California-based company would move its business to some other country upon losing the lawsuit, said that its not about if they could but that they will.
Garlinghouse has always stated that most of the companys growth has been outside of the United States of America anyway. Plus, since the regulatory body filed the lawsuit, the company had, anyways, been focusing on its operations outside the country.
Adding on to the same, Garlinghouse said,
“If you think about how the world is operating right now, its as if the case has been lost other than a few other exceptions… So if we lose, if Ripple loses the case, does anything change？”
Although currently, the company has about 300 of its 700 employees workforce in the US alone, which would be affected should the company close shop in the States.
On the other hand, should the company win the lawsuit, it would not have to kill its cash cow since the US has the potential for significant growth, being the largest economy.
Unlike the rest of the crypto market and altcoins, XRP has not been making headway when it comes to recovery as cryptos such as Polygon, Avalanche, and Cardano have.
XRP only managed to rise by 19.43% from its lows this month and ended up dropping by almost 5% over the last three days.
This placed the altcoin 81.56% farther away from its all-time high of $1.965, trading at $0.3543 at the time of writing.
owfx, a trading name of OWFX FINANCIAL GROUP PTY LIMITED, is allegedly a suspicious regulated forex broker registered in China. Unluckily, other more detailed information about this broker is not available on the Internet.
TrendFX, a trading name of TrendFX Limited., is allegedly a suspicious regulated forex and CFD broker registered in the UK that claims to provide its clients with over 90 tradable financial instruments with leverage up to 1:400 and variable spreads from 0.8 pips on the industry-standard MetaTrader5 trading platform, as well as a choice of two different account types and 24/7 customer support service.
Profx, a trading name of Profx Market, is allegedly a suspicious regulated London-based ECN/STP and spread-betting broker that claims to provide its clients with some tradable financial instruments with flexible leverage up to 1:1000 and variable spreads from 0 pips on the world’s most trusted and popular MetaTrader4 trading platform, as well as a choice of four different account types.
Exness, a trading name of Exness (SC) Ltd, is allegedly a securities dealer registered in Seychelles with registration number 8423606-1 and authorized by the Financial Services Authority (FSA) with licence number SD025. The broker claims to provide its clients with a wide variety of tradable financial instruments with 1:unlimited leverage and variable spreads from 0.0 pips on the industry-standard MetaTrader4 and MetaTrade5 trading platforms, as well as a choice of five different account types and 24/7 multilingual customer support service.