- Ripple has been considering a move out of the United States due to its ongoing legal battle with the SEC.
- Ripple executives have been engaging in activities that suggest expansion in other countries.
- Signs of Ripple’s increased presence outside the US have emerged.
As Ripple’s legal battle with the SEC continues, and with signs of the company exploring opportunities in other countries, the possibility of Ripple following Coinbase’s lead and relocating to a friendlier regulatory jurisdiction remains a topic of speculation in the crypto community.
Coinbase, the world’s second-largest crypto exchange, recently announced an upcoming offshore exchange in Bermuda after obtaining a license.
This move has raised questions about whether Ripple, currently embroiled in a legal battle with the U.S. Securities and Exchange Commission (SEC), could follow suit and relocate to a more crypto-friendly jurisdiction.
While the company has stated its intention to fight the legal battle and potentially appeal to the Supreme Court, experts predict it could take years to reach a final decision.
Ripple CEO Warns of Moving to Another Country
In July 2022, Ripple CEO Brad Garlinghouse warned that the company would consider moving to another country if it loses the case in the United States, citing the need to build its business in a more regulatory jurisdiction amenable to its operations.
There have been recent signs that the company is expanding its presence in other countries and exploring the benefits they offer.
Ripple executives, including Stuart Alderoty, the chief legal officer, and Susan Friedman, International Policy Counsel, have praised the regulatory environment in other countries, such as the UK and Europe, where there are clear rules and a welcoming approach to the crypto industry.
Ripple’s Chief Legal Officer Discusses SEC Incompetence
Alderoty, who missed a hearing before Congress with SEC Chairman Gary Gensler because he was in London, commented on the SEC’s approach from across the pond, stating, “Can’t tell you how inept the SEC looks from this side of the pond.”
Friedman has repeatedly emphasized the innovative approach to crypto regulation in Europe, explicitly mentioning the MiCA crypto legislation.
In a recent tweet, Friedman stated, "While the US continues to focus on enforcement instead of clarity, the EU has taken a big leap forward with a sensible, progressive approach to #crypto regulation. We look forward to building and growing in the European marketplace!"
Further indications of Ripple’s potential move away from the US can be seen on its official website. Of the 66 open positions at the company, 46 are currently offered outside the United States, with only six US-based jobs being internships.
On the Flipside
- Ripple’s legal battle with the SEC is still ongoing. The final ruling is yet to be announced, leaving the possibility of a favorable outcome for Ripple in the United States.
- Ripple executives have praised other countries’ regulatory environment and benefits, but it does not necessarily indicate a definite move away from the United States.
- Bank of America’s plans to increase involvement with Ripple after the litigation ends suggest a potential continued partnership rather than a withdrawal from Ripple.
Why You Should Care
As one of the most prominent players in the industry, Ripple’s decision could signal a shift in the regulatory landscape for cryptocurrencies, with implications for investors, businesses, and crypto enthusiasts alike.
To learn more about Ripple’s treasury payments guide and how it impacts the cryptocurrency industry, read here:
RippleNet: $30B in 20M Transactions, Powering Global Payments
To understand how Ripple’s crypto technology is transforming lives and revolutionizing financial transactions, check out this recent article:
Sourced from dailycoin.com.
Written by on 2023-04-25 13:45:00.
