Hostile attitude: Ripple threatens consequences if the regulatory climate for crypto in the US does not improve | message
• Current debate on the role of central banks and digital currencies
• Ripple frustrated with regulatory climate in the US
• Is Ripple turning its back on the US?
At least that’s what Chris Larsen, CEO of Ripple, told Fortune.
There is currently a broader debate going on about the role of central banks and digital currencies. On the other hand, critics like Larsen warn that the US, with its hostile attitude towards the crypto industry, runs the risk of leaving financial innovations to China, which is working on the introduction of its own digital national currency. – Trade Bitcoin with Plus 500 – that’s how it works. 76.4% of retail investor accounts lose money when trading CFDs with this provider. You should carefully consider whether you can afford the high risk of losing your money. – As a result, the USA could, on the one hand, lag behind in blockchain technology in the future, on the other hand, critics even fear the status of the US dollar as a reserve currency.
Long struggle with the stock exchange regulator
For years, Ripple fought with the SEC and investors over whether the digital currency XRP is a security. Bitcoin and Ethereum have been exempted from the Securities Act by the SEC because, according to the authority, they are not centrally controlled. According to Ripple, the network that monitors the XRP transaction – like the two previously mentioned competing products – is also decentralized. At the end of September, Ripple announced the establishment of the XRP Ledger Foundation in a press release. The organization’s task is to develop the XRP ecosystem and support developers and sustainability initiatives. The focus is on the so-called XRP ledger, where Ripple’s XRP cryptocoin is located. Ripple still holds a large proportion of the XRP inventory in its possession.
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Is Ripple turning its back on the US?
Chris Larsen warned during a virtual interview with Fortune at the LA Blockchain Summit that the company was on the verge of moving its headquarters overseas in response to strict regulation. In his opinion, almost every other country has a more favorable climate with regard to regulation for the crypto industry than in the USA. If Ripple actually takes this step, the UK and Singapore are likely targets for the company.
Larsen also admitted that moving Ripple’s headquarters would not end US jurisdiction for many of its areas – but it was a relief to have another country as Ripple’s primary regulator.
Finanzen.net editorial team
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