Ripple Threatens To Move If US Isn’t More Crypto Friendly

Ripple Executive Chairman Chris Larsen has threatened that his company might leave the U.S. if the country’s cryptocurrency regulations aren’t changed, according to Fortune.

Speaking with Fortune’s Jeff John Roberts at the LA Blockchain Summit on Tuesday (Oct. 6), Larsen said he is considering moving to Singapore or the U.K., the report stated.

He called the country’s stance toward cryptocurrency hostile, particularly regarding the Securities and Exchange Commission (SEC), according to Fortune. Ripple is currently bogged in legal trouble with the SEC and investors over the security status of digital currency XRP. Ripple manages a large amount of XRP, but the company says its network is decentralized like rivals Bitcoin or Ethereum.

Larsen said most other countries are handling crypto better than the U.S., Fortune reported. He noted that a potential Joe Biden administration could be more amenable to crypto needs by repatriating miners domiciled in China, where 65 percent of miners currently are. The difficulty now comes from the President Donald Trump administration’s hostile attitude toward China.

Larsen said moving Ripple’s operations wouldn’t do away with the U.S. jurisdiction over most of its applications, but he said he wants another country to act as chief regulator over his firm, according to Fortune.

In separate news, the U.S. government issued guidance in September on how stablecoins are to be treated, saying that national banks and federal savings associations can hold reserves for customers issuing stablecoins. Acting Comptroller of the Currency Brian Brooks said those institutions work every day with stablecoin transactions totaling billions of dollars, and the opinion should give some regulatory certainty to let institutions provide such services.

Zero Hash Co-founder and CEO Edward Woodford said as crypto becomes more noticed by governments, more uses for digital assets will become apparent, including Zero Hash’s own as-a-Service adaptation, remittances and faster, more flexible transactions.