Ripple is considering leaving the United States due to a lack of regulatory clarity

Ripple is considering moving to Europe or Asia amid growing frustration over the lack of regulatory clarity in the USA.

Speaking to Jeff John Roberts of Fortune magazine at the LA Blockchain Summit on Tuesday, Ripple's co-founder Chris Larsen said that the United States It was woefully late in preparing for the next generation of digital currencies based on the global financial system. With the US authorities ’policy on regulation through implementation, Ripple might consider leaving the country entirely.

Larsen explained that the message is blockchain and cryptocurrencies are not welcome in the United States ... If you want to work in this field, maybe you should go elsewhere. ... and to be honest with you, we are even looking forward to relocating our headquarters to a more friendly jurisdiction.

Larsen stated that the company was considering moving to countries such as the United Kingdom, Switzerland, Singapore and Japan, because in the United States, everything related to blockchain technology and digital currency begins and ends with Regulatory bodies such as the Securities and Exchange Commission (SEC).

And he continued: I don't think the situation at the SEC today can get any worse for the cryptocurrency and blockchain industry, they follow the (squish it and push it away) approach.

Brad Garlinghouse, CEO of Ripple, explained more in a tweet. He said responsible participants like Ripple are not looking to sidestep the rules, we just want to work in a jurisdiction where the rules are clear.

Ripple is facing a number of class-action lawsuits alleging that the company sold its XRP token in an unregistered security offer. The Securities and Exchange Commission has not issued any official statement on this issue after its publication in 2019 regarding the regulatory framework for digital assets.

as a result, the cryptocurrency company continues to be called into court in part due to an apparent lack of regulatory clarity from the government agency.

A federal judge also recently rejected a request by Ripple to overturn a lawsuit filed by investor Vlady Zakinov in 2018 alleging that XRP tokens are securities under California law.