#Ripple #IPO #Cryptocurrency #SEC #Fintech #FinancialRegulation #CryptoMarket #XRP
Ripple, a renowned fintech firm based in San Francisco, has decided to halt its initial public offering (IPO) in the United States. The company’s CEO pointed out that the decision was driven by the prevailing “hostile” conditions in the US. During his statement at the World Economic Forum in Davos on January 16, Ripple CEO, Brad Garlinghouse, confirmed that the company has indefinitely shelved any plans for an IPO.
Ripple has been exploring the possibility of going public outside the US because of unwelcoming regulatory environments, particularly with the “hostile” SEC regulator. The company has been stuck in a legal squabble with the US Securities and Exchange Commission for three years now. In 2020, the SEC sued Ripple for alleged selling of unregistered securities. As it stands, Ripple’s plans for a public listing, which were first mentioned in 2022, remain stifled due to ongoing courtroom battles.
Ripple’s native token, XRP has been witnessing lukewarm price movement during the recent cryptocurrency market rally, remaining flat over the past week. The token that is used for cross-border transactions has dropped 8% since the start of 2024 and currently trades at $0.574. Ripple’s prospects also remain unperturbed by rumors of a spot XRP ETF. Despite the challenges, Ripple maintains that the option
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