Ripple Chairman threatens to leave US over crypto regulation

[cryptomaniac_xxx]

Ripple Chairman threatens to leave US over crypto regulation

Executive chairman Chris Larsen said San Fransisco-based Ripple has grown increasingly frustrated over what it perceives as a hostile attitude to the cryptocurrency industry by the federal government, and in particular the Securities and Exchange Commission.

Larsen made the comment about Ripple relocating during a virtual interview with Fortune at the LA Blockchain Summit. He added that nearly every other country offers a more favorable regulatory climate for crypto than the U.S., but named the U.K. and Singapore as the most likely destinations if Ripple leaves the U.S.

Larsen also acknowledged that moving Ripple's headquarters wouldn't end U.S. jurisdiction over many of its operations, but said it be a relief to have another country as Ripple's chief regulator.

https://fortune.com/2020/10/06/ripple-leaving-us-america-crypto-regulation-sec-chris-larsen/

I'm not surprised though, ever since SEC has been targeting crypto, Ripple might be in the radar already and it's just a matter of time because they come after them. If I'm Ripple though, I will move right away to crypto friendly countries beyond the reach of US. I will not wait fill SEC comes down hard on the company, in my opinion.

[dhemasm]

Better late than never i guess, Well i'm not really understand how law on the state work but after reading the article above looks like it's good choice for them to move even moving their company to another friendly cryptocurrency country. How do you guys think if Scenario above happens? Will this affect ripple's previous partnerships with banks? I mean the bank may also keep distance or cut cooperation if the SEC issues a statement.

[Francis Freeman]

Ripple Chairman threatens to leave US over crypto regulation

Executive chairman Chris Larsen said San Fransisco-based Ripple has grown increasingly frustrated over what it perceives as a hostile attitude to the cryptocurrency industry by the federal government, and in particular the Securities and Exchange Commission.

Larsen made the comment about Ripple relocating during a virtual interview with Fortune at the LA Blockchain Summit. He added that nearly every other country offers a more favorable regulatory climate for crypto than the U.S., but named the U.K. and Singapore as the most likely destinations if Ripple leaves the U.S.

Larsen also acknowledged that moving Ripple's headquarters wouldn't end U.S. jurisdiction over many of its operations, but said it be a relief to have another country as Ripple's chief regulator.

https://fortune.com/2020/10/06/ripple-leaving-us-america-crypto-regulation-sec-chris-larsen/

I'm not surprised though, ever since SEC has been targeting crypto, Ripple might be in the radar already and it's just a matter of time because they come after them. If I'm Ripple though, I will move right away to crypto friendly countries beyond the reach of US. I will not wait fill SEC comes down hard on the company, in my opinion.

I don't think they will move out of the US right away. This I think is one of the tactics used to scare of SEC to bring in favourable regulations . Also being in US enables ripple to get easy clients.

[Coyster]

I don't know if Ripple's executives actually mean it or if they are somewhat threatening to leave the U.S. to see if that will push their cause for lesser regulations on cryptocurrencies by the U.S. government and the SEC. That being said, it's difficult for a crypto company to function properly in hostile and crypto unfriendly environments, and if the company will grow better and faster in another country, then I think they should move over there.

Just like in the article, the thing is if the U.S. are actually aware that this regulations are going to discourage crypto and even blockchain companies from setting up and functioning in the United States, and even if the U.S have the best economy in the world, they'll rue it in the long run if they are far behind other countries in crypto adoption and blockchain usage because of some of this unnecessary regulations.

[beerlover]

My god, I really hope they do leave, while we are at it could we make them leave every single nation?
Ripple is not something people needs and they should be gone by now, the only logical reason why they are still not gone is the fact that they do marketing very well and when you are third ranked coin it is hard to convince people that you are not who you say you are so they do not believe others and believe you which is why they are still high.

If there was any sort of petition take Ripple out of my own country, I would sign it in a single second, I have actually talked with exchanges here to remove them as well but they didn't listen. If Ripple ends up leaving USA because of the crypto regulations, I will work hard to get those same regulations here as well to get rid of them.

[carter34]

Just like in the article, the thing is if the U.S. are actually aware that this regulations are going to discourage crypto and even blockchain companies from setting up and functioning in the United States, and even if the U.S have the best economy in the world, they'll rue it in the long run if they are far behind other countries in crypto adoption and blockchain usage because of some of this unnecessary regulations.

The US government is trying to protect any business around them to put a strong reputation about them and the protection of the citizen. This can maybe work in a centralized projects but it will be difficult for a decentralized.

[tvplus006]

I don't think they will move out of the US right away. This I think is one of the tactics used to scare of SEC to bring in favourable regulations . Also being in US enables ripple to get easy clients.

I don't think that this way Ripple will be able to avoid liability in case the SEC sees any violations. And Ripple will not give up such a huge market either, since most of the campaigns in the world have connections with American investors.

[Valzador]

My god, I really hope they do leave, while we are at it could we make them leave every single nation?
Ripple is not something people needs and they should be gone by now, the only logical reason why they are still not gone is the fact that they do marketing very well and when you are third ranked coin it is hard to convince people that you are not who you say you are so they do not believe others and believe you which is why they are still high.

If there was any sort of petition take Ripple out of my own country, I would sign it in a single second, I have actually talked with exchanges here to remove them as well but they didn't listen. If Ripple ends up leaving USA because of the crypto regulations, I will work hard to get those same regulations here as well to get rid of them.

All coins, including bitcoin, are currently not needed, but that doesn't mean they have to be removed. Like ripple and other coins, we don't use the coins we have as we should, but we keep them for money reasons, not for function reasons.

[xZork]

I don't think he will leave the US, maybe this is just a threat from him in order to gain some profit.
The US is a huge market for cryptocurrencies, besides they also have a uniform and fair legal system, he will not be able to find a better place than America for Ripple.

[optimisticcm]

Well he is right and the situation in US regarding crypto is not only confusing but annoying to be honest.
So apparently it is high time that US authorities come up with clear and preferably pro crypto policies in the US especially if they do not want to stay behind in the field of blockchain tech and cryptocurrencies.

[kindbtc]

US has a huge crypto community and not long ago majority of crypto projects were from US. But seems like the number is dropping due to complicated rules and regulatioms related to crypto in the US. They cannot participate in tokensales, they cannot participate in giveaways, airdrops or bounties and they have to report their crypto holdings and gains that will be taxed too.
Once US was very supportive of new and advanced tech but now looks like they do not want to adopt crypto fully even now.

[tomahawk9]

I don't think they will move out of the US right away. This I think is one of the tactics used to scare of SEC to bring in favourable regulations . Also being in US enables ripple to get easy clients.

I don't think that this way Ripple will be able to avoid liability in case the SEC sees any violations. And Ripple will not give up such a huge market either, since most of the campaigns in the world have connections with American investors.

this guy gets it...That's the reason why they're threatening to leave rather than just taking action by saying "we're leaving next month". And this is why most US-based crypto companies comply with regulations and why is very likely that things will remain the same, they know that if they leave they won't recover from losing the american retail/institutional investors, traders, etc

But, let's be honest, it's not like Ripple leaving US would be a huge impact to the crypto market

[Febo]

Ripple Chairman threatens to leave US over crypto regulation
I'm not surprised though, ever since SEC has been targeting crypto, Ripple might be in the radar already and it's just a matter of time because they come after them. If I'm Ripple though, I will move right away to crypto friendly countries beyond the reach of US. I will not wait fill SEC comes down hard on the company, in my opinion.

All coins that was not fairly launched will sooner or later have problems with SEC in USA and with other security agencies in other countries. Premine, ICO, instamine.  Coins that was launched fairly like Bitcoin and Monero will have zero problems. That is how it is. In a normal society scam is a scam.

[manfredmann]

Could it be possible to move the crypto to other countries?  If it does so thenI guess it will be needing to comply requirements and will spend on those things to complied with. The expenses might also be that huge for them to start operate.

Again, the real problem is regulations which means if they move their project to other countries it means that it could also be subject for regulations. Whether the owner wanted to get away from it still cryptocurrency would be subject for regulations. Centralize system dominated around the world. Hopefully these system will mix up in accordance to the likes of the user whether he wanted to process transaction in decentralized manner or in centralized system mode of transaction like in those banks.

[X-ray]

It is a confusing situation, major companies still have no interest in joining in the Ripple project as a partner. It will be interesting watching the letter to SEC by the CEO, I have read this info on Twitter. If this info is right, I doubt the XRP project will increase its chances of staying in the US markets.

Just a simple logic about that and why do the major companies need to join or create cooperation with ripple while they can create their own payment channel? Did you know about what's happening with R3 and ripple?
If you wanna try to read the news and story about that and you will know an interesting fact about the companies and authorities.

Ripple just like a tool. Most of the clients of ripple were also coming from JAPAN.

[judeafante]

I'm not surprised though, ever since SEC has been targeting crypto, Ripple might be in the radar already and it's just a matter of time because they come after them. If I'm Ripple though, I will move right away to crypto friendly countries beyond the reach of US. I will not wait fill SEC comes down hard on the company, in my opinion.

They will not get a favourable treatment in the US they should not threated them and they should just leave right away and go to Crypto friendly countries like Japan, South Korea or Switzerland, for a crypto company to thrive they should be in a country where they will be allowed to grow and get a lot of supports, especially for Ripple with a good ranking in the market.

[Fredomago]

I'm not surprised though, ever since SEC has been targeting crypto, Ripple might be in the radar already and it's just a matter of time because they come after them. If I'm Ripple though, I will move right away to crypto friendly countries beyond the reach of US. I will not wait fill SEC comes down hard on the company, in my opinion.

They will not get a favourable treatment in the US they should not threated them and they should just leave right away and go to Crypto friendly countries like Japan, South Korea or Switzerland, for a crypto company to thrive they should be in a country where they will be allowed to grow and get a lot of supports, especially for Ripple with a good ranking in the market.

Better to act quickly than being sorry without taking any action, knowing how SEC will targeted them they should go where the business will continue to progress.

In anyhow, this govern bodies will find ways to get them and if they will not do anything by now they surely be trapped.

Ripple might planning now since they'll already express on their social account, best to give assurance to their supporters as early as now.

[SquirrelJulietGarden]

Ripple, again bad news for Ripple.

I am not the person who have big love with news in crypto. I realize news can be seriously manipulated in crypto and price of cryptocurrency reacts very fastly with news. Ripple is centralized and developers have big amount of Ripple so they have reasons and power in hands to manipulate price.

If investors are long term, they can buy Ripple and hold but if they feel not have enough patience to own XRP for at least a half of year, they should not invest in Ripple.

[SquallLeonhart]

I'm not surprised though, ever since SEC has been targeting crypto, Ripple might be in the radar already and it's just a matter of time because they come after them. If I'm Ripple though, I will move right away to crypto friendly countries beyond the reach of US. I will not wait fill SEC comes down hard on the company, in my opinion.

Sure that’s what they are meant to do, if the US regulation is not in favor of them, then they should find another country to relocate their headquarters. I don’t think any company has plans to be in a country where things will be very difficult for them. If they should continue that way things might end pretty bad for them, so it’s best that they move their services to a better country with good regulation and crypto friendly.

The US government is trying to protect any business around them to put a strong reputation about them and the protection of the citizen. This can maybe work in a centralized projects but it will be difficult for a decentralized.

Yes I understand that, but sometimes these regulations makes things hard for the companies, and this is cryptocurrency that we are talking about, they really need to give them a breathing space sometimes, and not kind of put them in a situation where things will be very tight for them. It’s not good.

[tsaroz]

I don't think the word threatens makes sense there. US government is not going to be threatened by something like a small crypto based company.
He was just revealing how frustrating the situation is getting for crypto industry in USA. A once the largest free market, US economy has been growing more conservative in order to save what made them successful. There are no more room for new ideas and ambition to do better. US though still a leader in some area is lagging behind a lot of tech based development. And their response has been the most pathetic one. Economies need to adapt themselves with the changing tech. Not to suppress the tech to stay there for longer.