Decentralization is what the crypto industry hoards. Nevertheless, the crypto-verse continues to fall under the purview of many regulators across the world. Although cryptocurrencies have a ton to offer when it comes to digitization, the risks pertaining to them also follow. As a result, some regulators have had a difficult time scrutinizing these assets. However, the lack of regulatory clarity appears to be a big problem for Ripple.
Is US A No-Go For Ripple?
Appearing in a recent interview, the former CEO of Ripple, Chris Larsen hinted that the blockchain-based payment protocol was considering exiting the United States following the severe regulatory implications put forth by the country’s regulators. Currently based in California, Ripple has been seeking better clarity on the regulatory climate of Ripple in the country.
Pointing out how the US limits crypto platforms from operating globally, Larsen highlighted that Ripple was looking to relocate its headquarters from San Francisco. He said,
“We don’t know how it’s going to exactly play out, You know, those countries are trying to sort of become fintech centers of the world. You have clarity in places like Switzerland, the U.K., Singapore, Japan.”
Seconding Chris Larsen’s take on the hostile regulations of the United States, Ripple’s current CEO, Brad Garlinghouse tweeted,
“Strongest internet companies built in the US, in part b/c of regulatory clarity. We have that opp with blockchain + digital assets. Responsible players like Ripple aren’t looking to avoid rules, we just want to operate in a jurisdiction where the rules are clear. #DCEA of 2020.”
This wasn’t the first time, Garlinghouse had called out the regulators of the United States. Towards the end of May, Ripple’s CEO shared a tweet urging the regulators to embrace crypto instead of hindering its growth.
U.S. regulators: now is the time to step up and lean into digital currencies. Remaining complacent is actually setting us back, while China’s grip on both crypto and fiat payments becomes stronger. https://t.co/NuGmFZmf7x (1/2)
— Brad Garlinghouse (@bgarlinghouse) May 26, 2020
Ripple is not the only crypto platform that has been prey to the uncertain regulatory climate. If the United States prolongs its hostility towards crypto, the country could lose its edge in digitalization.
