Ripple is looking for a new Managing Director for its European market. The company is doing this despite the ongoing challenges it faces in the United States. The SEC filed a lawsuit against the company in December 2020 and no ruling has been issued so far.
Ripple CEO Brad Garlinghouse said in October 2020 that the company was considering moving its headquarters to London because it is a more XRP-friendly environment. The company's native token, XRP, has been referred to by the SEC as an unregistered security, and Ripple with its top executives is on trial for the sale of it. Garlinghouse says that XRP is not considered a security in Europe, making it a better environment for Ripple to prosper.
The search for a new managing director for the region may be an indication that Ripple has not given up on XRP and plans to press ahead with the search for the case to the end. The new managing director will be in charge of partnerships with companies on the continent and government relations, as well as representing the company in the media.
As the US becomes more hostile to Ripple, this is an attempt to expand the company's presence in Europe. Garlinghouse has accused the US government of failing to establish clear regulations for the cryptocurrency industry and the lawsuit against Ripple is an attack on the entire industry.
On Wednesday, the president of the European Central Bank (ECB), Christine Lagarde, called for the regulation of Bitcoin. Given that Bitcoin is the number one cryptocurrency, it may only be a matter of time before the entire industry is considered for similar regulation. However, it may not be the type of regulation that Garlinghouse wants, as Lagarde appears to be asking for a control over the use of Bitcoin rather than guidelines for how the industry works.
As Ripple tries to expand in the European region, it can only hope that regulation, when it finally arrives, favors the company.