Ripple is Striving Towards Legal Regulations
Ripple is Striving Towards Legal Regulations
Ripple has made many calls to the US government to update the legal regulations and make them more flexible before the crypto companies.
After that, Ripple Company escalated its rhetoric towards threatening to leave the United States of America in the event that they remain in the same current regulations.
To begin, Ripple actually selects the countries that are likely to move its headquarters to.
In an interview with CNBC yesterday, Chief Executive Brad Garlinghouse said that the UK regulator, the Financial Conduct Authority (FCA), has provided Ripple with assurances that it does not consider XRP as a safety token, as this is the subject of controversy and a major source of contention for Ripple. in the United States of America.
Instead, the FCA considers XRP to be currency, Brad Garlinghouse said:
With this clarity, it would be beneficial for Ripple to operate in the UK.
Ripple is studying several potential new jurisdictions, and Garlinghouse revealed that the legal status of XRP is key in any decision.
Japan, Singapore and Switzerland are also being considered as potential countries for the migration of Ripple to its headquarters.
The search for clear legal regulations:
Ripple has long been angered by the U.S. Securities and Exchange Commission's stance on cryptocurrencies.
The SEC indicated that Bitcoin and Ethereum are not securities, while the status of XRP remains unclear.
The company is in a legal battle with investors who claim that XRP is an unregistered and illegally issued security and that Ripple is making misleading statements, allegations that Ripple denies.
Classifying XRP as a security would put it under strict rules, with major ramifications for Ripple.
While Ripple claims to be independent of the XRP cryptocurrency, the company owns more than half of the XRP coins in existence.
Ripple says it keeps the bulk of this money in an escrow account, and mainly uses digital currencies to serve its customers to provide quick and cost-effective money transfer solutions, but it also sells these digital currencies regularly.
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