The uncertain regulatory climate in the United States has made it extremely difficult for crypto platforms to function in the country. Ripple seems to be widely affected by the same. Recently, the crypto platform revealed that it was considering basing its headquarters outside the United States for the same reason. Garlinghouse appeared in an interview addressing the same.
Ripple Users Have Expressed Concerns Over Regulatory Climate In US
Back in October, several members of Ripple suggested that they had intentions of moving Ripple’s headquarters that is currently in California, outside the United States. The former CEO of Ripple, Chris Larsen pointed out that the US limits crypto platforms from operating globally and this factor would lead the platform to move to countries like Switzerland, the U.K., Singapore, Japan that have better clarity on crypto. In a recent interview with CNN anchor Julia Chatterley, Brad Garlinghouse addressed an array of issues that Ripple was facing in the US.
While suggesting that XRP and Ripple were falling behind the crypto race as the asset and the platform were not as popular among the US citizens. He further revealed that only 5% of Ripple customers were from the United States, whereas 95% of the platform’s customers accounted for citizens outside the country. He added,
“And people say ‘You are a U.S. company, why is that?’ One of the dynamics is that U.S. companies are waiting for clarity, and that clarity emanates from the Securities and Exchange Commission.”
Previously, the United States had been open to innovation and hence the global technological scene got a boost. Several members of the Ripple community have also expressed their concerns regarding the “regulatory dynamics” in the United States. Not complying with the financial regulators could land any platform in troubled waters. While Ripple has been trying to do so, the US’s uncertainty in regulations has been putting the platform behind. He further added,
“For us, around XRP and over 100 companies that are working with XRP getting that clarity, it’s very clear to me that XRP is being used by many companies as a currency. You had the U.S. Department of Justice refer to XRP as a currency, you had FinCEN refer to XRP as a currency. But you haven’t yet had that clarity from the SEC.”
Additionally, Garlinghouse went on the endorse Ripple and XRP in the interview. XRP seemed to have had a great year with a 186% rise over the last 12 months. At the time of writing, XRP was trading for $0.627.