Ripple has stepped back from its previous position by leaving open the possibility of an initial public offering (IPO).

On Aug. 19, U.Today reported that Ripple CEO Brad Garlinghouse (브래드 갈링하우스) struck a more flexible tone on an IPO at the Wyoming Blockchain Symposium.

Garlinghouse said Ripple has long operated satisfactorily as a private company, but it is now leaving open the possibility of an IPO. That is seen as keeping options open rather than actively denying the prospect of a listing as in the past.

Speculation about a Ripple IPO has persisted since early 2020. Garlinghouse said at the time he thought the crypto industry could see a listing case within a year, but a lawsuit with the U.S. Securities and Exchange Commission became a variable. He later publicly said at a 2021 Consensus event that Ripple was likely to become a listed company in the future, but cited resolving its legal dispute with the SEC and regulatory clarity as preconditions.

The biggest obstacle to a Ripple IPO was its lawsuit with the SEC. But even after securing a favorable outcome in the case, Ripple did not treat a listing as its top priority. Garlinghouse said at the time that a U.S. stock market listing was not an immediate priority.

That stance began to shift in 2025. After the SEC decided to withdraw its appeal in the long-running case, Garlinghouse said Ripple had reached a stage where it could review an IPO. Ripple President Monica Long (모니카 롱) later expressed the same view.

Even so, Ripple executives have not disclosed a specific listing plan. Long said in April 2025 that she was not interested in pursuing an IPO, citing Ripple's solid financial condition. In November that year, she also said there was "no plan and no schedule" for an IPO and made clear there was no need to rush a listing.

Still, Garlinghouse's latest remarks show Ripple's underlying stance is changing. It is maintaining its previous view that it is satisfied as a private company, while leaving an IPO open as a future option as regulatory risks have eased. Whether it actually lists is expected to be decided depending on the future regulatory environment and funding needs.