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Ripple’s legal counsel is responding to speculation about the startup’s potential plans for payments to leave the United States.
In a Twitter thread, Stuart Alderoty explains because Ripple is considering a move overseas.
“We are a proud US company, but we don’t have a coherent regulatory framework here. This makes market participants guess. Consistently applied regulation should produce predictable results. “
Alderoty also responds to comments from Compound General Councilor Jake Cherinsky, who She said he is shocked that society is taking a hard look at “escape” from America.
“Jake, we’re not ‘running away’ … Too many smart lawyers, like you, are left reading the tea leaves.”
Ripple cited the UK as a possible destination for the billion-dollar company, which is currently based in San Francisco. The company, which owns more than half of the total supply of XRP, has indicated what it perceives as regulatory clarity on the crypto asset from the UK’s Financial Conduct Authority (FCA).
However, Chervinsky He says he doesn’t think the cryptocurrency regulations in the UK are that clear, especially in light of the agency’s recent actions against crypto derivatives trading.
“The categories of the FCA did not provide” clarity. “They just banned crypto derivatives last week, a much stricter action than any other taken in the US. The categories are not even more accurate, based on recent industry developments “regulatory clarity” has become a meme.
Asset classification does not provide “regulatory clarity” if it is not clear which assets fall into which category and which financial services are permitted in all categories. The SEC also takes this very seriously and the leadership of both regulators gives them plenty of room to move. “
Ripple CEO Brad Garlinghouse cited a number of areas the company could move to, including the UK, Singapore, Japan, Switzerland and the UAE.
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Featured Image: Shutterstock / Mopic
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