On the 6th of October 2020, Chris Larsen, Ripple co-founder, pointed out that Ripple is considering relocating to Europe or Asia. Ripple moving out of the US is due to the increasing frustrations at lack of regulatory clarity on blockchain and cryptocurrencies in the US.
According to Larsen, cryptocurrencies and blockchain are seemingly not welcome in the US. Ripple is, therefore, looking to move to a more friendly jurisdiction. Among Ripple, consideration countries are the UK, Switzerland, Singapore or Japan. This Ripple co-founder believes that regulatory bodies like the Securities and Exchange Commission, greatly contributes to the end of many cryptocurrency companies, due to their unfriendly regulations.
Ripple Facing Class-Action Lawsuits
Ripple is facing several class-action lawsuits, accusing it of allegedly selling its XRP token in an unregistered securities offerings. However, the SEC has not released any official statement concerning that matter.
This cryptocurrency firm is receiving summons by the court, partly because of the lack of regulatory clarity from the SEC. Recently, a federal judge denied a motion by the firm to dismiss a lawsuit Viadi Zakinov in 2018. It went ahead to say that XRP is a security under California law.
As per Ripple’s CEO, Brad Garlinghouse, the cryptocurrency firm, is looking to avoid rules. They, however, want to work in a jurisdiction where rules are clear.
Ripple is a technology that plays a role of both a cryptocurrency and a virtual payment network for financial transactions. The cryptocurrency firm got launched in 2012, and its co-founders are Chris Larsen and Jed McCaleb.The virtual token offered by the crypto firm is the XRP.
Ripple focuses on building decentralized financial solutions for the real world. This firm also has products in commercial use, by hundreds of its clients across more than 55 countries. Its clients get access to alternative liquidity solutions, through the firm’s global network, which uniquely leverages the XRP ledger and its native token XRP; to improve payment services globally.
This cryptocurrency firm is also linking businesses and the people they serve by creating a more inclusive financial system. The worldwide payment solutions help transform how crypto enthusiasts send and receive money across borders.
Ripple is doing its best to live up to its mission and is partnering with top leading organizations for better results. They are doing this by building greater economic fairness and opportunities for all via research, philanthropy, and education.