Ripple co-founder, Chris Larsen, has recently stated that the fintech that presently has its headquarters in the United States could leave the country if its regulatory environment remains hostile toward cryptocurrency companies.
He made this known in a recent interview with Fortune. In the course of the conversation, Larsen warned that Ripple would soon move its headquarters overseas, citing excessive regulation.
Ripple Has Grown Increasingly Frustrated
According to Ripple’s executive chairman, the firm has grown increasingly frustrated over what he termed as a hostile attitude towards the cryptocurrency industry by the United States government, especially the Security and Exchange Commission (SEC).
Recall that Ripple has been at loggerheads with the SEC and a number of investors on whether the digital token XRP is a security or not, and this seems not ending anytime soon.
Although the Ripple holds the largest part of XRP and oversees its distribution, it keeps maintaining its stance that the cryptocurrency is as decentralized as Bitcoin (BTC) or Ethereum (ETH), the top cryptocurrencies that SEC believes are not centralized.
As stated by Larsen during the interview, virtually all other countries are favorable to cryptocurrency unlike the U.S. And the most likely destination for Ripple could be the United Kingdom (UK) and Singapore.
He believes that Ripple’s possible exit from the United States may not end the influence of the United States on many of its services, but it will surely be a relief to have a country, not the U.S., as the chief regulator of the fintech’s operations.
Larsen Thinks Joe Biden’s Administration Could Benefit Domiciled Miners
Chris Larsen also pointed out the hostility of the United States government toward cryptocurrency companies is giving China an upper hand in digital currency innovation.
He, however, noted that Joe Biden’s administration could be beneficial in repatriating miners that are domiciled in China, stating that nearly 65% of miners in the country are domiciled.
Join us on Twitter
Join us on Telegram
Join us on Facebook
HeraldSheets.com produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us easily with Herald Sheets Facebook Messenger App. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.