Chris Larsen warns that Ripple may leave U.S. for a more favorable regulatory environment
According to Chris Larsen, co-founder and executive chairman of Ripple Labs, the company is likely to move its headquarters overseas due to the federal government's regulatory stance on the crypto industry.
Larsen made the comments at the LA Blockchain Summit on Tuesday. He argued that almost every country except the US has a cheap system of regulating crypto, adding that the UK and Singapore top the list of likely new locations if the San Francisco-based company actually decides to leave the US.
Ripple is in an ongoing legal battle with investors who claim the company violated federal and state securities laws by selling the digital currency, XRP. The company claims that the network used to process XRP transactions is decentralized despite owning a large amount of XRP.
“Buying XRP is not an 'investment' in Ripple. There is no joint venture between Ripple and XRP buyers. There was no promise that Ripple would help generate profits for XRP owners, and the XRP ledger is decentralized, "the company stated in a court motion dated September 2019.
© 2020 The Block Crypto, Inc. All rights reserved. This article is for informational purposes only. It is not offered or used as legal, tax, investment, financial or other advice.
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