Ripple is looking for a new Managing Director for the European market. The company is on such a quest, despite the ongoing challenges it faces in the United States.
The SEC filed a lawsuit against the company in December 2020, and no decision has yet been made on the matter.
Ripple CEO Brad Garlinghouse said he was considering moving the company’s headquarters to London in October 2020 because it was a more friendly environment against XRP. The company’s native token, XRP, is referred to by the SEC as an unregistered security. He was also sued for the sale, along with Ripple’s top executives. Garlinghouse says XRP is not seen as a security in Europe, so it is a better environment for Ripple to thrive.
Seeking a new chief executive for the region could be an indication that Ripple is not giving up XRP and is planning to pursue the case to the end. The new managing director will be responsible for partnerships with businesses in Europe, government relations and representation of the company in the media.
As the US takes a more hostile stance towards Ripple, it is quite normal that the company is attempting to expand its presence in Europe.
Garlinghouse accused the US government of failing to make clear regulations for the cryptocurrency industry, and cited the case against Ripple as an attack on the entire industry.
In addition, on Wednesday, European Central Bank (ECB) President Christine Lagarde called for the regulation of Bitcoin. As Bitcoin is the number one cryptocurrency, it may be a matter of time before the entire industry is evaluated for similar regulations. This might not be the kind of regulation Garlinghouse wanted, but Lagarde seems to want control over the use of Bitcoin rather than guidelines for the functioning of the industry.
As Ripple is trying to expand in the European region, it can hope that if regulation comes in, regulation will be in the company’s favor.