Ripple CEO Brad Garlinghouse pays tribute to the UK’s Financial Conduct Authority, as well as the Monetary Authority of Singapore.
In one TweeterGarlinghouse praised the way each regulator oversees their respective jurisdictions. Going further, Garlinghouse said it’s no wonder the UK and Singapore have booming crypto industries.
1 / UK FCA and Singapore MAS have been leaders for years in providing clarity on asset use / trading – it’s no surprise that both countries have traditional FIs that are turning to the use of this technology. DBS’s (pre) announcement today is a prime example. (1/2) https://t.co/xB3dUUG9sV
– Brad Garlinghouse (@bgarlinghouse) October 27, 2020
Ripple leaving the United States?
The comments follow Ripple’s threat to leave the United States due to lack of regulatory clarity.
This news first gained attention in early October, when Ripple’s CTO Chris Larsen expressed growing frustration at the hostile U.S. stance on the industry. cryptography.
Much of this frustration comes from what Larsen perceives as a regulator that promotes Bitcoin and Ethereum. But, more than that, he said the result of all of this sees the United States far behind China in the “technological cold war.”
“Instead of pivoting to encourage American innovation to follow, they did the opposite. They gave Bitcoin and Ethereum a pass, proof-of-work systems that weirdly benefit China. But everything else is still in limbo, or worse, regulated by law enforcement. “
As a result, some observers have criticized Ripple over their threat to leave the United States but Garlinghouse was quick to defend the company by shifting the blame onto the Securities and Exchange Commission.
He then added that “running away” from the United States is not something he wants to do. However, given the state of the US crypto landscape, he is compelled to consider relocating elsewhere.
“Some have suggested that Ripple is “running away” from the United States, let me say unequivocally that this is absolutely not the case. We are a proud US-based company and we would love to stay here, but the lack of regulatory clarity and a level playing field forces us to assess other jurisdictions.“
Fractured and inconsistent cryptographic framework
To illustrate his point, Garlinghouse spoke about the lack of a single national crypto framework in the United States
“The lack of a single national regulatory framework places American innovation and businesses at a significant disadvantage. All we’re asking for is a level playing field – if we have to move to another country to get there, this is the way to go.“
He added that eight different US regulators each have a different opinion on the legal status of crypto. And without a unified approach, doing crypto business in the United States is a guessing game.
However, last week’s DOJ report lists 8 separate US registrars, each with a different view: crypto is property, crypto is commodity, crypto is virtual currency, crypto is security, etc. Regulation should not be a guessing game. https://t.co/B18ZIVodZC (3/5)
– Brad Garlinghouse (@bgarlinghouse) October 12, 2020
In addition to the UK and Singapore, rumors have surfaced that Ripple is also considering Switzerland and Japan as possible destinations for a relocation.
XRP is currently trading in an ascending channel; Breaking the $ 0.2550 level could see the start of a strong rally. Today, the price of XRP is down 3% to $ 0.2458.
Source: XRPUSDT on Tradingview.com