Ripple Chairman Says Firm Could Leave US if Regulatory Environment Doesn't Change

Ripple has threatened to leave the U.S. if crypto regulation doesn't change.

Oct 6, 2020 at 8:49 p.m. UTC
Updated Sep 14, 2021 at 10:05 a.m. UTC

Ripple Executive Chairman Chris Larsen threatened to pull his fintech firm out of the U.S. if what he termed the country's hostile stance toward cryptocurrency companies does not soon change, according to Fortune.

  • Speaking to Fortune's Jeff John Roberts at the LA Blockchain Summit on Tuesday, Larsen named Singapore and the U.K. as possible countries where the San Francisco-based company could move if the regulatory environment doesn't improve.
  • He acknowledged that Ripple leaving the U.S. would do little to stop top-line federal regulatory oversight but said a softer host government would nonetheless help.
  • His payments company is battling investor allegations that XRP is a security as well as mixed signals from regulators at the U.S. Securities and Exchange Commission.
  • Larsen, saying nearly every other country has a better handling of crypto than the U.S., and claimed the U.S. is letting China lead the way on digital currency innovation.
  • He said a possible Joe Biden administration may be beneficial in "repatriating" miners currently domiciled in China, noting that 65% of all miners are domiciled there.
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