Ripple considers IPO outside the U.S., CEO says U.S. listing makes no sense

Ripple CEO Brad Garlinghouse hinted that the company is considering a potential initial public offering (IPO) in an overseas jurisdiction, stressing that a listing in the United States does not make sense.

Garlinghouse gave the hint during an interview at the 2024 Consensus conference hosted by CoinDesk. The interviewer asked the Ripple CEO point blank if he planned to go public.

In his answer, Garlinghouse noted that conducting an initial public offering (IPO) is not in Ripple’s immediate plans.

He attributed the stance to the leadership of U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler. He noted that Ripple’s IPO S-1 registration statement needs to be approved by regulators, and he is skeptical that the result will receive a positive response.

Earlier, Lynn Martin, president of the New York Stock Exchange (NYSE), expressed openness to accepting applications from cryptocurrency-related companies such as Ripple. However, Garlinghouse contrasted Martin's open-minded attitude with that of SEC Chairman Gensler.

Specifically, he praised Martin as an example of the direction the industry should be heading, but lamented that Gensler's position was inconsistent with that progressive view.

As a result, Garlinghouse concluded that it is unreasonable to consider Ripple listing in the United States under the current circumstances, stating: “It does not make sense for Ripple to list in the United States under the current circumstances.”

An XRP enthusiast who goes by the pseudonym X drew attention to the remarks made by Ripple’s CEO in a recent post.

Furthermore, CEO Brad Garlinghouse supported his opinion, citing the case of leading United States exchange Coinbase. He noted that the SEC had approved Coinbase’s IPO statement, which detailed its business operations.

However, the regulator later filed a case against the exchange for supporting trading in what it called unregistered crypto assets, contradicting its previous approval. Garlinghouse suggested that, in retrospect, Coinbase might regret its decision to list in the U.S. because of subsequent actions by the SEC.

As such, Garlinghouse mentioned that Ripple is considering an IPO outside of the United States.

He said exploring options for an international listing is one of the potential strategies Ripple could adopt in response to the current regulatory environment.

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