Ripple, a $ 10 billion worth of financial technology company known for its XRP cryptocurrency, is considering relocating its headquarters overseas out of frustration with U.S. regulations.
The chief executive officer of the San Francisco-based firm, Brad Garlinghouse, revealed that he had visited London last month and stated that market watchers at the UK Financial Conduct Authority did not consider XRP as a security and even other areas provided similar guarantees.
According to him, XRP can clearly be used as a currency. Therefore, if they operate in the UK, such actions will lead to profits.
Apart from the UK, he also mentioned several other locations as new Ripple locations such as Switzerland, Singapore, Japan and the United Arab Emirates.
In addition, the US is alleged to be inconsistent with other G20 markets and questioned some of those who made recommendations on the regulation.
Meanwhile, Chris Larsen, co-founder and chief executive of Ripple, first expressed the company's intention to move its global headquarters outside the U.S. in an interview earlier this month.
For all you know, Ripple has been embroiled in a legal battle with several crypto investors claiming the company is selling unregistered securities and making misleading statements about XRP. However, the company denied the allegations.
In addition, officials at the U.S. Securities and Exchange Commission say that cryptocurrencies such as bitcoin and ethereum are not securities that should be regulated in the same way as stocks and bonds. However, XRP status is allegedly misleading.
In addition, the securities label in question could carry XRP under strict new regulations and greatly influence Ripple.
