XRP is giving signs of a significant price rebound as its backer, Ripple Labs, said that it plans to move out of the US.
The San Francisco-based blockchain company iterated via its co-founder Chris Larsen that it may shift to a crypto-friendly country – the UK, Switzerland, Japan, or Singapore – because of America’s enforcement-focused regulation on crypto and blockchain firms.
“The message is blockchain and digital currencies are not welcome in the US,” said Mr. Larsen. “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.”
Class-Action
The statement also came after a US court dismissed two out of three allegations against Ripple last week. The charges were a part of a class-action lawsuit, filed by Ripple’s investor Vladi Zakinov in November 2018. He alleged that the firm and its CEO Brad Garlinghouse sold them illegal securities in the form of XRP tokens.
Mr. Garlinghouse blamed the US Securities and Exchange Commission for its inability to clarify any concrete laws for blockchain firms. He added that Ripple is not trying to avoid rules by deciding to move abroad, but it merely wants to operate in an environment where regulations are clear.
Strongest internet companies built in the US, in part b/c of regulatory clarity. We have that opp
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