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As Ripple prepares to relocate its headquarters outside of the US, it turns out that only 5% of the company’s customers are based in the country, according to the company’s CEO.
On December 2, Ripple CEO Brad Garlinghouse sat down for an interview with CNN host Julia Chatterley to discuss Ripple’s regulatory obstacles to operating in the United States.
According to Garlinghouse, up to 95% of the San Francisco-based company’s customers are overseas. He said Ripple’s services are not that popular in the US due to continuing regulatory uncertainty around its XRP associate token, Garlinghouse said:
“95% of our customers are non-US customers and only about 5% are here in the US. People say ‘why are you a US company’ and ‘why? “One of the dynamics is that US companies are waiting for clarity, and that clarity comes from the Securities and Exchange Commission.”
Garlinghouse noted that the SEC recognized other major cryptocurrencies like Bitcoin (BTC) and Ether (ETH) as non-stocks years ago. However, XRP, the third largest cryptocurrency by market capitalization, still doesn’t have that clarity:
“For us, around XRP and over 100 companies that are working with XRP getting this clarity, it is very clear to me that XRP is used by many companies as a currency. You had the US Department of Justice referring to XRP as a currency. , and FinCEN to XRP as a currency. But you haven’t gotten that clarity from the SEC yet. “
According to Garlinghouse, Ripple has had some issues with US customers concerned about the regulatory status of Ripple’s XRP-related offerings.
“Often, when I talk to customers who tell them about our product using XRP in their payment flows, they ask me about regulatory dynamics and we’ve had customers say ‘look until there is clarity and regulatory frameworks that we are going to keep at bay’. “said the CEO, adding:” Now this has not been the case due to clarity and certainty “in other countries such as the UK”
Garlinghouse’s previous comments suggest that Ripple is trying to get the SEC to treat XRP in much the same way as Bitcoin or Ether, i.e. not classifying it as security. Last month, he said that “it is very difficult to consider XRP as a stock,” stating that he “is not aware of any market globally that thinks XRP is a stock.”
