Ripple Considers Moving Out Of The US Due To Regulatory Uncertainty

Ripple considers moving out of the United States because of the unfavorable regulatory climate while choosing London, Singapore, Japan, or Switzerland as crypto-friendly countries. In our XRP news, we read more about their plan.

As Ripple considers moving out of the US, the Executive Chairman of the company said that the US regulation climate is unfavorable towards crypto companies. He said during the LA Blockchain Summit that Ripple is considering to move out of the states to places like Asia or Europe. Ripple Executive Chairman Chris Larsen said that his company which is based in San Francisco will move abroad if the USA doesn’t create a regulatory environment that will allow crypto companies to compete fairly and globally. Arguing that the US is not providing a welcoming environment to crypto, Larsen explained:

 “To be honest with you, we’re even looking at relocating our headquarters to a much more friendly jurisdiction.”

Blockchain is poised to play an integral role in our next-gen global financial system. Unfortunately, the U.S. is currently ceding control in this arena to China, partly by only providing regulatory clarity to the two cryptos dominated by miners based in China. https://t.co/3sDsSbnBSy

— Chris Larsen (@chrislarsensf) June 24, 2020

He pointed to places like Asia and Europe to become “FinTech centers of the world” like Singapore, Japan, Switzerland, or London which are eager to create jobs and wealth. With these jurisdictions he said:

“You have the advantage of happening the capital markets, the regulators, and the innovators all in the same city.”

This was not the case in the US where the New York investors, Sillicon Valley tech entrepreneurs, and Washington lawmakers. Ripple labs that are behind XRP are in an ongoing war with the investors who allege that the cryptocurrency skirted securities laws. Ripple is defending itself in class-action lawsuits since there’s no solid crypto regulatory framework for XRP to rely on. Speaking on the US regulatory landscape, Larsen said:

“The whole tenor continues to be one of frustration that we don’t have more clarity and we don’t have more of a pro-US approach.”

As recently reported, San Francisco-based payment protocol Ripple announced the new partnership with Lemonway to bring international euro-to-euro payments to its customers. Pan-European payment solution for the online markets Lemonway and Ripple will utilize RippleNet’s to facilitate euro-to-euro payments for customers. At the same time, the payment protocol announced a new restructuring with the executive leadership across the organization and by rebranding two of the products. Announced earlier today, the partnership between Ripple and the French company that was created in 2007, will allow Lemonway to be connected to Nium through RippleNet.

We’re proud to announce our partnership🤝with @Ripple 🔗Thanks to #RippleNet, Lemonway is now able to provide instant & more transparent Euro-to-Euro #payments for #marketplaces#instantpayment #blockchaintechnology #psphttps://t.co/OZvAmcglMf pic.twitter.com/bPPlDrAdin

— Lemonway (@LemonWay) October 6, 2020