Ripple Expands U.S. Workforce by 75% Amidst SEC Lawsuit Speculation

Ripple, a leading blockchain and cryptocurrency company, has announced a significant expansion of its U.S. workforce, with a 75% increase in hiring following the recent elections. This move has sparked speculation that the ongoing SEC lawsuit against Ripple may be nearing its end.

Stuart Alderoty, Ripple's Chief Legal Officer, recently shared his thoughts on the new U.S. administration's approach to cryptocurrency in an interview with CNBC. He expressed satisfaction with the changes brought about by the new administration, noting that the previous administration had essentially waged a "war" on crypto, pushing the industry out of the U.S. in favor of restrictive policies. However, since the inauguration, Alderoty praised the new administration for embracing cryptocurrency and clearing obstacles that had been stifling innovation.

Alderoty revealed that Ripple, which has been based in the U.S. for over 12 years, is benefiting from these shifts. He said that following the election, 75% of Ripple's hiring efforts, which were previously offshore, are now being brought back onshore in the U.S. The company is eager to build and expand its operations domestically, with the belief that the U.S. can once again become the global leader in cryptocurrency technology.

These changes come amid the ongoing SEC case, which has been dragging on for four years. The updates have left many wondering if the case might be coming to an end soon. Alderoty outlined three major forces shaping the U.S. crypto landscape: President Trump's executive order, changes in federal regulation, and legislative action from Congress. He stressed the importance of the executive order, which reaffirms the U.S.'s goal of becoming the "crypto capital of the world." The order has sparked a series of positive regulatory developments, including the appointment of David Sachs as the "crypto czar," who is leading a task force to review and update crypto regulations.

Alderoty also praised the actions of the SEC's acting chair, Mark Uyeda, who recently acknowledged the regulatory confusion of the past few years. Alderoty is optimistic that these changes will make it easier for banks to engage with crypto, further positioning the U.S. as a favorable environment for crypto innovation.