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San Francisco company says its signature product, known as XRP, is a currency that shouldn’t be subject to securities laws. Brad Garlinghouse, the chief executive of Ripple, was last year publicly contemplating at the World Economic Forum in Davos, Switzerland, an initial public offering for the San Francisco startup. The company had just raised about $200 million in a round of venture funding led by Tetragon Financial Group, with a $10 billion valuation. The value of its signature product, a cryptocurrency called XRP, had fallen over the previous year. But Ripple was poised to rebuild the infrastructure for cross-border trades, Mr. Garlinghouse.