Ripple CEO Brad Garlinghouse revealed in a recent Bloomberg interview that the company plans to focus 80% of its hiring efforts outside of the U.S. this year.
This decision is set against the backdrop of an ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
Focusing on hiring outside the U.S.
Garlinghouse explained that the majority of the company's hiring this year will occur in markets like Singapore, Hong Kong, the U.K., and Dubai. "It's super frustrating that you see markets like we have here in Singapore... where governments are partnering with the industry, providing clear rules, and you're seeing growth. That's why Ripple is hiring there," he stated.
The strategy underscores the CEO's frustration with the current U.S. regulatory landscape, which is perceived to lack clarity and hamper innovation.
The ongoing struggle with Gensler
Despite a recent court ruling that Ripple-affiliated token XRP is not a security, the SEC has signaled it may appeal the decision. Garlinghouse expressed his exasperation with SEC chair Gary Gensler's reluctance to provide clear guidelines for the crypto industry. "Gary Gensler is a hammer, and everything looks like a nail," said Garlinghouse.
Ripple's Fortress acquisition
As reported by U.Today, the San Francisco-based firm has a pending acquisition of Fortress Trust, a crypto custodian service.
The CEO of Fortress Trust recently revealed that hackers had compromised some customer funds. Ripple stepped in to make these customers whole again. "I understand that that ripple has made those customers whole," Garlinghouse said.
The acquisition suggests that despite regulatory battles, Ripple is not slowing down in its effort to expand its product suite and customer base.