Enough is enough: Dubious U.S. regulations force Ripple to migrate to Europe

By: Ben Gabriel
Ben Gabriel
Ben is a cryptocurrency journalist, simple. He's also a technology and cryptocurrency geek having enjoyed immersing himself in the… read more.
on Oct 11, 2020
  • For quite a while, Ripple has been surrounded by U.S. regulations.
  • The regulations somehow result in the performance of Ripple XRP, which is currently at its lows.
  • The U.S. has been tagging Ripple is a privacy coin. The Ripple foundation contradicts with the judgment.

Ripple XRP has become a hot topic amid the inflation period. This time it isn’t the U.S. Government, it’s the Co-Founder of Ripple passing his remarks on the U.S. regulations.

As it seems, Chris Larsen is sick of the dubious regulations that the U.S. has been imposing on Ripple. For the last several years, one controversy surrounding Ripple XRP is that it’s a privacy coin.

Ripple seeks friendlier regulations in Europe

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We all know that the U.S. is home to countless tech giants including Ripple. But the slackness of regulatory clarity has forced Ripple to think about moving to another country. Where regulatory clarity is not an issue for the firm. It now just a matter of time when Ripple will move to Europe.

The news gained immediate spotlight after Chris Larsen speaking at the Blockchain Summit said America is sadly unprepared to host the latest version of the global financial system based on digital assets.

“The message is blockchain and digital currencies are not welcome in the U.S. 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 friendlier jurisdiction,” Said Chris Larsen.

According to Chris Larsen anything about blockchain and cryptocurrencies abruptly slows down and ends in the U.S. Thus, representatives at Ripple are contemplating moving to countries such as Japan, Singapore, U.K., and Switzerland where regulatory bodies are much friendlier than the U.S.

“I don’t think that the posture at the SEC today can get worse for the crypto and blockchain industry. It’s just ‘crush it and push it away,” Larsen added.

Ripple to operate under regulatory clarity

In a recent tweet, the CEO of Ripple, Brad Garlinghouse says we are not here to avoid rules, what we all need is just transparent rules.

The foundation has encountered several lawsuits over a few years. Besides, Ripple was also accused of selling its native token XRP/USD in an unofficial securities offering. However, any new development, in this case, didn’t come to light since the announcement of the new regulatory framework for cryptocurrencies.

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