Ripple CEO Brad Garlinghouse recently discussed the company’s hiring strategy in a CNBC International interview, revealing a shift towards focusing on international recruitment. Garlinghouse attributed this decision to the ongoing uncertainty surrounding cryptocurrency regulations in the United States.
This ambiguity has prompted entrepreneurs and investors to explore more accommodating jurisdictions, with Europe emerging as a significant beneficiary due to its well-defined and robust regulatory framework for digital assets.
Garlinghouse emphasized the impact of regulatory confusion in the United States on Ripple‘s operations, explaining that the company has been compelled to allocate a significant portion of its resources outside of the country. He stated, “95 percent of our customers are non-U.S., and this year most of our hiring will be non-U.S. for some of those exact same reasons.” Ripple’s expansion in Europe is partially driven by the favorable regulatory environment offered by the continent.
Looking ahead to the regulatory landscape for cryptocurrencies in light of the FTX case, Garlinghouse highlighted nations such as the United Arab Emirates, the United Kingdom, Singapore, and Europe for their clear rules and roadmaps. He believes that this clarity enables entrepreneurs and investors to engage more effectively with regulators. The recent acquisition of Swiss-based firm Medico by Ripple was partly influenced by the regulatory clarity found in Switzerland. Garlinghouse stressed the importance of differentiating between issues specific to cryptocurrencies and broader problems like fraud.
To illustrate this point, he referred to the FTX case as a fraud issue rather than one specific to cryptocurrencies. He emphasized that fraud can occur in various asset classes and is not limited to the crypto industry. Garlinghouse suggested that the United States could learn from Europe and other countries that provide clear regulatory frameworks for digital assets.
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