Ripple’s potential international initial public offering (IPO) reflects doubts about obtaining regulatory approval in the United States, according to a blockchain researcher who predicts a surge in XRP price if Ripple goes public.
During an interview at the 2024 Consensus conference hosted by CoinDesk, Ripple CEO Brad Garlinghouse hinted that the company is exploring other jurisdictions for a possible IPO, suggesting that going public in the U.S. doesn’t make sense. Garlinghouse credited U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler for Ripple’s decision not to pursue an IPO in the country, as the regulator would need to approve Ripple’s S-1 registration statement.
Garlinghouse contrasted the progressive outlook of New York Stock Exchange (NYSE) President Lynn Martin, who welcomed applications from blockchain-related businesses like Ripple, with Gensler’s stance. He concluded that, given the current circumstances, it would be foolish for Ripple to consider a U.S. IPO.
To support his argument, Garlinghouse highlighted the situation with Coinbase, the leading U.S. exchange. He noted that the SEC had previously authorized Coinbase’s IPO statement, outlining its business operations.
In response to these developments, blockchain researcher Collin Brown expressed his belief that XRP would experience a significant increase in value following Ripple’s IPO. Garlinghouse confirmed Ripple’s interest in going public but stated that they would likely pursue their IPO outside of the U.S., given Gensler’s position as SEC Chair.
At the time of writing, XRP was valued at approximately $0.5147, representing a 1.08% decrease in the last 24 hours, according to CoinMarketCap data. This also indicates a bearish trend over the past seven days, with a decrease of 3.93%.
Previously, CNF highlighted Garlinghouse’s perspective that an XRP exchange-traded fund (ETF) is inevitable and crucial for cryptocurrency adoption.
