Ripple CEO Forecasts Higher Compliance Costs For BTC Under Biden

Ripple CEO Forecasts that the compliance costs for Bitcoin will be higher under the Biden presidency as we are reading more in the latest Bitcoin news today.

Bitcoin-holding companies will become subject to higher compliance costs if Joe Biden becomes the president officially. That’s what Brad Garlinghouse, Ripple CEO forecasts. Brad Garlinghouse believes that Bitcoin holding companies will be affected by new policies from the Biden-led administration. Bitcoin will become a subject of climate change management policies as well.  According to a new tweet on Monday, the CEO Brad Garlinghouse predicted that the BTC-holding companies will come under scrutiny once again once the Biden administration starts to carry out the climate change management policies. Ripple’s head said that the companies that are holders of the biggest cryptocurrency by market cap will be made to reveal operations related to climate change.

In recent times, Bitcoin saw some increase in institutional adoption with firms preferring the cryptocurrency to fiat currency. Companies like Microstrategy and Square made BTC a treasury reserve asset. In the meantime with Biden, we should expect that the president of the United States could reverse Trump’s deregulation policies on climate change. This means that all crypto-related businesses will face more compliance if Biden’s environmental protection plans happen.

Garlinghouse’s comments are the latest in the Ripple CEO touting XRP as the best alternative to proof of work networks like Bitcoin. Back in October, the company introduced EW Zero, the blockchain renewable energy payment solution. The New York financial regulator and the New York Department of Financial Services sent a letter to all companies as well as companies that operate in the states. According to the latter, the NYDFS asked companies to become attentive to climate change risks while taking more steps to reduce these risk factors.

#6 – Biden to require public companies to disclose climate change-related activities and GHG emissions in their operations.

Love to see the action on climate change – first NYDFS, now this. Public companies holding BTC (ahem Square) — may want to pay attention 👀 https://t.co/TAxxN8NQpu

— Brad Garlinghouse (@bgarlinghouse) November 9, 2020

The UK Treasury announced plans to make it compulsory for all financial institutions and corporations to reveal climate risk reports by 2025. While the country is managing the Brexit and COVID-19 fallouts, the UK government was looking to create a “net-zero-carbon country by 2050.” While Bitcoin holding companies could face climate change scrutiny, ripple is not expected from regulatory winds in the US. The company disillusioned with the crypto laws in the country and also plans to move abroad.