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Ripple News Today – What Will Happen if Ripple Leaves the United States Due to Overregulation? October 7th, 2020

  • The United States Doesn’t Have a Favourable Regulatory Ecosystem for Cryptocurrencies
  • Ripple Executive Says They May Move the Company Headquarters from Silicon Valley to Another Country is Regulators Don’t Do Something

Ripple News Today – Ripple’s headquarters has always been in Silicon Valley like many other tech companies across the globe. With the headquarters of Ripple in the United States, financial regulators there are the primary regulators of Ripple. However, a Ripple executive has said that Ripple doesn’t mind moving their headquarters to another country if a more favorable regulatory framework isn’t put in place soon. During the last blockchain summit in LA, Fortune at the LA Blockchain Summit, Fortune interviewed Chris Larsen, the executive chairman at Ripple.

Ripple News Today – What Will Happen if Ripple Leave the United States

Chris Larsen said that Ripple’s executives are frustrated with the hostile attitude of United States regulators toward cryptocurrencies. While he blamed the entire United States government and accused them of being aggressive, he blamed the SEC specifically. It’s no longer news that Ripple’s security status has been one of the hottest topics of discussion in the cryptocurrency industry. Despite all Ripple’s efforts to get regulatory clarity from the SEC, they still haven’t spoken up about XRP’s security status. Two years ago, the chairperson of the SEC said that Bitcoin and Ethereum are not securities but they said nothing about Ripple. The Ripple community was outraged and everyone kept hoping that regulatory clarity for Ripple will come soon.

On more than one occasion, Ripple executives have told the public that the XRP token is not a security even though they own more than 60% of all the XRP in circulation. Still, it would put the minds of investors and prospects to rest if the SEC would simply issue a formal statement about XRP’s security status. Larsen believes that they will get a better deal if their primary regulators aren’t the United States financial authorities. He said that Ripple will most likely move its headquarters to Singapore if it decides to leave the United States.

Following the interview, there have been debates in the cryptocurrency industry about the negative influence of this move to Ripple’s progress so far. Larsen said that moving the role headquarters from the United States Doesn’t automatically end their jurisdiction over all its operations. Larsen said that the lack of a regulatory framework in the United States is impending technological innovation and ceding financial innovations to China. China has a much more welcoming environment for cryptocurrencies because they know that the underlying blockchain technology will change the game in the next digital revolution.

Central banks and traditional financial services firms aren’t making things easier for Ripple. Recently, MasterCard launched a platform that will allow central banks to create their cryptocurrencies. The competition is increasing every day and no one knows if Ripple will be able to rise above it.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

Source
Smartereum

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