We previously published an article on Bitcoin Arabs dealing with the intention of the Ripple Company to leave the United States of America towards other countries that have flexible legal provisions and regulations that are consistent with the company's aspirations.
Ripple has expressed its dissatisfaction with the regulatory uncertainty surrounding cryptocurrencies in the United States of America.
Regardless of this, the San Francisco-based company decided to act by moving out of its home country.
Accordingly, there is now a big question:
Where will Ripple move?
Here are the potential options Ripple could move towards:
Asian countries options:
Chris Larsen, co-founder and CEO of Ripple, had previously threatened to withdraw from the United States due to the federal government's outdated stance towards regulating cryptocurrencies, and the message from him was clear.
During a virtual interview with "Fortune" at the "Los Angeles Blockchain Summit", Larsen showed and announced the company's intention to move outside the United States of America.
The co-founder of Ripple stated:
The United States is far behind in the cryptocurrency regulatory game compared to its peers from other countries.
So much so, that it risks effectively losing the advantage of financial innovation, to China in particular.
Larsen went on to say that the United Kingdom and Singapore are the most likely destinations for the company to receive if it moves abroad.
The day before yesterday, Brad Garlinghouse, CEO of Ripple, told in an interview with “ Bloomberg ” that there are several countries that Ripple can take as its headquarters, and he named “Brad”:
Japan and an Arab country is the United Arab Emirates, which is added to the list of options for Asian countries.
In explaining why the potential list was expanded, he said:
The common denominator between them all is that their governments have created clarity on how to regulate the different digital currencies.
Mr. Garlinghouse made clear that leaving the United States is more than a desire.
Ripple would have continued to operate from its home ground had the cryptocurrency regulation not been like this.
Where he told "Garlinghouse" what it means:
Ripple is definitely a proud American company and we would like to stay in the US if possible, but we also need regulatory clarity in order to be able to invest and grow business.
Tilt of the capital, London and the United Kingdom:
Ripple is strongly considering the UK as an option that outperforms the rest of the options.
As this became clear when he praised the CEO of Ripple in an interview with "CNBC" clarity regarding the regulatory status of the currency of Ripple in the country.
Garlinghouse stated:
What we see in the UK is a clear ranking, and the UK Financial Conduct Authority has played a leading role in describing how we should think about these various assets and their use cases.
The result of this clarity is that XRP is not a security and is used as a currency.
With this clarity, it would be beneficial for Ripple to operate in the UK.
Mr. Garlinghouse added:
This is where the United States clearly fails.
Although the US Securities and Exchange Commission is clear that Bitcoin and Ethereum are not securities, while when it comes to the Ripple currency, the authority remains mostly silent, which left the case of the Ripple currency shrouded in uncertainty.
Clarification about the position of XRP is crucial for Ripple.
Although Ripple is claiming a complete break with the Ripple blockchain and the XRP cryptocurrency, it still holds 55 billion of the total supply of 100 billion XRP.
Apart from the United Kingdom and the aforementioned countries in the Asian continent, Ripple has also shown interest in Switzerland to establish its headquarters.
XRP has risen higher but not necessarily in response to Ripple's decision to leave the US.
The rally can mostly be attributed to Bitcoin's bullish rally with its explosive breakout above the $ 13,000 level.
Lovely