After eighteen months of trudging through the Securities and Exchange Commission's litigation for suspected illicit securities sales, Brad Garlinghouse, CEO of Ripple Labs, indicated that the business may relocate from the United States. That is why Ripple expanded in Canada and opened a new branch in Toronto on 23rd of June. They have also announced, that they will be looking to hire at least 50 software engineers to work there.
The SEC imposed sanctions on Ripple in December 2020, stating that the firm marketed unlawful securities in issuing the XRP. Ripple Labs is contemplating its alternatives as the litigation drags on considerably longer than planned. Brad Garlinghouse stated his dissatisfaction with the SEC's uneven regulation of crypto companies around the country. According to Garlinghouse, Ripple Labs, situated in San Francisco, is even prepared to relocate overseas if it loses its regulatory court battle with the SEC. The Ripple versus SEC court case has been one of the most well covered crypto events in recent history, with many speculating that the outcome might establish a precedent for future crypto laws in the United States.
Movement of XRP since coming to the market. (Source: Trading Economics)
Sources:
https://tradingeconomics.com/xrpusd:cur
https://biz.crast.net/ripple-reveals-plans-to-relocate-if-it-loses-sec-case-sets-up-shop-in-canada/
https://dailycoin.com/ripple-reveales-plans-to-relocate-if-it-loses-sec-case-sets-up-shop-in-canada/