Skip to main content

Ripple Co-Founder Hints Move From US Regulation

 

Blockchain and Digital Currencies are not Welcome”


Ripple co-founder Chris Larsen is considering moving Ripple’s base from the United States to a jurisdiction with clearer regulation on blockchain and digital currencies—hinting at the UK, Switzerland, Singapore, or Japan.

Ripple may be relocating their base of operations to Asia or Europe due to increasing frustration with the lack of clarity on regulations for blockchain and digital currencies in the United States, according to Ripple co-founder Chris Larsen.

While speaking at the LA Blockchain Summit on Oct. 6, Ripple’s co-founder Larsen said that the United States is still lagging behind the rest of the world in policy and regulation for the coming transition of the global financial system into the digital space. The constant punitive actions taken by US regulators against blockchain and digital currency projects is causing the firm to deeply reconsider where it should base its operations, but Ripple looks likely to leave the United States entirely.

Larsen said:

“The message is blockchain and digital currencies are not welcome in the US […] 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 more friendly jurisdiction.”

Larsen was highly critical of the US Securities and Exchange Commission (SEC), asserting that everything “blockchain and digital currency start and end” with these types of biased regulatory bodies in the United States.

Larsen said:

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

Larsen mentioned that Ripple is now seriously considering a move to either the UK, Switzerland, Singapore, or Japan.

Larsen Say US is Losing the Tech War With China

During his appearance at the LA Blockchain Summit, Larsen further highlighted that the US has fallen far behind in the ongoing tech cold war with China. The Ripple co-founder asserts that China’s central government has ferociously outpaced American lawmakers in providing clarity on legislation, delegating resources, building new infrastructure, and fostering innovation in blockchain and other emerging technologies of the fourth industrial revolution like big data, surveillance, and A.I.

Larsen said:

“China has recognized that those technologies are the keys to who is going to control the next-gen financial system [...] SWIFT and correspondent banking is not going to be the system we are going to be living with over the next two decades.”

The Ripple co-founder was also very critical of the United States' slow development of its digital dollar and argued that China will have issued its own DCEP long before a US CBDC begins development.

Ripple’s CEO Brad Garlinghouse also tweeted in support of the co-founder’s indication that Ripple may relocate.

Garlinghouse wrote:

“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.”


Source: blockchain.news 


Comments

Contact us

Name

Email *

Message *

Popular posts from this blog

Cryptocurrencies Adding to the Safety and Security in the UK Gambling Industry

These are exciting times for the UK gambling industry. The impact of internet technology is now being felt with online gambling now controlling the industry.  The adoption of cutting-edge technology is reasonable for the boom in the industry. From live casinos, mobile apps to artificial intelligence, incredible trends continue shaping the gambling industry. However, it is the rise of cryptocurrency casinos that seeks to redefine UK gambling.  Many operators now include crypto coins such as bitcoin, Ethereum and Litecoin as part of their banking methods. Others offer exclusive bitcoin payments and promotions based on digital tokens. This revolutionary trend has a huge impact due to enhanced safety and security on these platforms. Players looking for peace of mind when playing online now opt to use cryptocurrencies. This post looks at how cryptos guarantee the safety and security of players at online casinos. How Cryptocurrency Gambling Works There’s a lot of talk ab...

Coinbase to Require Recipient Information for Crypto Transfers From Users in Canada, Singapore and Japan

  Customers in those countries who send crypto outside their Coinbase accounts must provide recipients’ names, addresses and in some cases, additional information, as of early April. Cryptocurrency exchange Coinbase Global (COIN) will soon require its customers in Canada, Japan and Singapore who send cryptocurrency to another financial institution or exchange to provide the name, address and in the case of Japan, the destination wallet of the recipient. Coinbase has been sending notices to its customers in those countries that the changes will take effect in early April in order to comply with local travel rules in those places. Coinbase didn't immediately respond to requests for additional comment on the moves, but confirmed that they were taking place. The move  does not seem to be going over well  with Coinbase customers in those countries, who value the anonymity of transactions using cryptocurrency. According to a  FAQ provided by Coinbase , for Canadian users, ...

Farm GRASS earn MONEY

  Use your Unused Internet Bandwidth to make $$$ In today’s interconnected world, the concept of passive income has taken on new dimensions, offering innovative ways for individuals to monetize underutilized assets.  One such groundbreaking avenue involves earning money by selling your unused internet connection.  By participating in decentralized networks like Grass, individuals have the opportunity to turn their dormant bandwidth into a valuable asset, contributing to a fairer and more equitable digital landscape while generating income. Grass is a decentralized network sharing application designed to offer an alternative to existing centralized networks.  It allows users to sell their unused bandwidth directly, without the need for exploitative middlemen.  The platform operates by enabling users to download a web extension that runs in the background, assisting others in accessing public web data in exchange for payment using the protocol’s native token. How ...