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Ripple CEO Brad Garlinghouse has threatened to move the company’s headquarters overseas if the US fails to level the playing field with an unambiguous regulatory framework.
In a series of tweets on October 12, Garlinghouse said, The lack of a single national regulatory framework is putting US innovation and companies at a significant disadvantage. All we ask for is a level playing field: if we have to move to another country to get it, then this is the path we will have to take. “
Garlinghouse’s clarification follows comments recently released by Ripple co-founder Chris Larsen about the same effect. The company claims to have continued to operate in a regulatory gray area.
For example, former chairman of the Commodity Futures Trading Commission (CFTC) Chris Giancarlo described Ripple’s namesake XRP token as not a stock. But the US Securities and Exchange Commission (SEC) position on this is still unclear.
The CEO said the $ 10 billion company does not intend to “circumvent US regulation,” but that lack of regulatory clarity has made it difficult for him to stay in the country. He noted that “Ripple complies with and supports critical laws,” including the Bank Secrecy Act and anti-money laundering rules.
Garlinghouse also targeted the cryptocurrency enforcement framework announced by the United States Department of Justice (DoJ) last week.
[The] The DoJ report lists eight separate US registrars, each with a different view: Cryptography is a property, Cryptography is a commodity, Cryptography is a virtual currency, Cryptography is a security, etc. Regulation shouldn’t be a guessing game.
Japan, the UK, Singapore and Switzerland have reportedly been launched as possible destinations for Ripple. XRP is claimed to be a real-time gross settlement, currency exchange and remittance service system.
What do you think of Brad Garlinghouse’s intentions to move Ripple to another country? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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