With New Recruit Despite SEC Lawsuit, Ripple unveils plans to expand its presence in Europe

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For its European market, Ripple is searching for a new Managing Director. In spite of the continued difficulties it faces in the United States, the organization is doing this. In December 2020, the SEC filed a complaint against the corporation and no decision on the matter has so far been reached.

In October 2020, Ripple CEO Brad Garlinghouse said that the company was considering moving its headquarters to London because it is a more friendly XRP climate. The company’s native token, XRP, was referred to by the SEC as an unregistered security, and Ripple is standing trial for the sale of it with its top executives. Garlinghouse notes that XRP is not considered protection in Europe, so Ripple will prosper in a better climate.

Searching for the region’s new managing director could be an indicator that Ripple has not given up on XRP and plans to pursue the case to the end. As well as representing the company in the media, the new Managing Director will be in charge of collaborations with companies on the continent and government relations.

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This is an effort to extend the company’s reach in Europe as the U.S. is becoming more unfriendly to Ripple. The U.S. government has been accused by Garlinghouse of not making clear rules for the cryptocurrency industry and the Ripple case is an assault on the entire industry.

On Wednesday, President Christine Lagarde of the European Central Bank (ECB) called for Bitcoin to be regulated. Since Bitcoin is the number one cryptocurrency, it could be only a matter of time before similar legislation is considered for the entire industry. However, as Lagarde seems to be asking for a check on the use of Bitcoin rather than rules for the activity of the industry, it may not be the sort of regulation that Garlinghouse wants.

As Ripple continues to grow in the European region, it can only hope that the legislation will benefit the business when it inevitably comes.

 

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