Ripple Considers Leaving the US

While speaking at the LA Blockchain Summit Live Chris Larsen co-founder and chairman of the country’s most prominent cryptocurrency firm Ripple, warned the company is close to moving its headquarters overseas to a country that offers a more favorable regulatory climate for cryptocurrency firms.

 “You want to be in this business, you probably should be going somewhere else. To be honest with you, we’re even looking at relocating our headquarters to a much more friendly jurisdiction.”
Chris Larsen co-founder and Chairman Ripple

Ripple like many organizations in the U.S. seems to have grown increasingly frustrated over what it perceives as a hostile attitude towards the cryptocurrency industry by the federal government, and the Securities and Exchange Commission.

Larsen added, “The US is woefully behind in stepping up to what is going to be the next generation in the global financial system.”

Larsen also acknowledged that while moving Ripple’s headquarters wouldn’t end U.S. jurisdiction over many of its operations, it would be a relief to have another country as Ripple’s chief regulator.

He argued that other countries besides the U.S. have more favorable systems to regulate crypto, naming the U.K. and Singapore.

Ripple CEO Brad Garlinghouse added in a Tweet.
“Responsible players like Ripple aren’t looking to avoid rules, we just want to operate in a jurisdiction where the rules are clear.”

Strongest internet companies built in the US, in part b/c of regulatory clarity. We have that opp with blockchain + digital assets. Responsible players like Ripple aren’t looking to avoid rules, we just want to operate in a jurisdiction where the rules are clear. #DCEA of 2020 https://t.co/LqbEDuMXvx

— Brad Garlinghouse (@bgarlinghouse) October 6, 2020

About Ripple

Ripple is an enterprise blockchain company with products in commercial use by hundreds of customers across 55+ countries. Ripple gives businesses have access to alternative liquidity solutions through Ripple’s global network, which uniquely uses the XRP Ledger and its native digital asset XRP to help improve payments services worldwide.

RippleNet offers connections to hundreds of financial institutions around the world via a single API and makes moving money faster, cheaper, and more reliable for you and your customers. It also helps you reduce, even eliminate, the need to pre-fund accounts with On-Demand Liquidity (ODL)—a service that uses the digital asset XRP to source liquidity during cross-border transactions, as an alternative to traditional systems.

XRP is a digital asset built for payments. It is the native digital asset on the XRP Ledger—an open-source, permissionless, and decentralized blockchain technology that can settle transactions in 3-5 seconds. XRP can be sent directly without needing a central intermediary, making it a convenient instrument in bridging two different currencies quickly and efficiently.