Chris Larsen, the executive chairman of Ripple Inc, said that the company is looking for options outside of the United States for shifting its headquarters as the crypto regulations are not clear and well defined in the US.
Ripple Parting Ways from the US
The company is considering Asian or European nations that are far ahead of the US for creating a much amicable ecosystem for the crypto functions. The digital assets firms are looking for shifting its headquarters in the wake of increasing resistance from the US government and uneasiness in operating crypto business.
Lack of Laws Regulating Digital Assets: A Roadblock
The United States government has been increasing the scrutiny against the various payment firms, including Ripple. The US authorities claim that Ripple’s token XRP is a ‘security’ implying thatRipple should procure the security license: The Securities Exchange Commission has been very livid about the same, which has throttled Ripple Inc. The company says that it can accept the SEC proposals provided there are proper laws and policies designed to regulate blockchain and digital assets. There is seemingly a verve of hostility against digital assets in the US, which compels them to look for options elsewhere.
Ripple further said that if the company moves its headquarters out of the US, it will not remove the authority of US rules altogether. With another country becoming Ripple’s chief regulator, the firm can get some respite from hostility in operating.
US Policies Not Friendly For Crypto Industry Like Tech
Larsen added that internet and tech firms had grown exponentially in the United States due to associated ease of operations and clear regulations; however, that is not the case in digital assets and blockchain. They are not finding ways to escape rules but just what to function in a region with clear laws and regulations set by the government.
A Country in Asia or Europe in Consideration for Moving Headquarters
The United States only has Digital Commodities Exchange Act, which regulates the crypto industry-related activities. The bill asserts a more controlled and monitored process for sale and transactions of XRP. Thus, Ripple is slowly parting ways with the US to find refuge in more lucrative regions like the UK, Singapore, or Switzerland.
As Ripple decides to move out of the United States, most likely other crypto companies would also follow. Will the United States Government brace up its policies for improved regulation of digital assets: Only time will tell.
