Ripple is considering relocating to Europe or Asia amid growing frustration at the lack of regulatory clarity in the United States.Larsen stated the firm was considering moving to countries like the U.K., Switzerland, Singapore, or Japan, because in the U.S., “all things blockchain and digital currency start and end” with regulatory bodies like the Securities and Exchange Commission (SEC).Speaking to Fortune Magazine’s Jeff John Roberts at the Oct. 6 LA Blockchain Summit, Ripple co-founder Chris Larsen said the United States was “woefully behind” in preparing for the cryptocurrency-based next generation of a global financial system. Coupled with U.S. authorities’ policy on “regulation through enforcement” and Ripple may consider leaving the country behind entirely.
“The message is blockchain and digital currencies are not welcome in the U.S.,” Larsen said. “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.”
“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.’”
Ripple CEO Brad Garlinghouse explained further in a Tweet. “Responsible players like Ripple aren’t looking to avoid rules, we just want to operate in a jurisdiction where the rules are clear,” he said.