Harsh and Unfavorable Regulations by the U.S. May Force Ripple to Relocate Their Company Overseas

Harsh and Unfavorable Regulations by the U.S. May Force Ripple to Relocate Their Company Overseas

Now that the world is finally rid of the pandemic and its disaster, the global economy has started seeing the crypto-blockchain industry from a different angle. Many countries have recognized how vital it is to have the crypto-technology onboard for technological advancements.

Countries such as China, Georgia, Singapore, Germany, South Africa have welcomed the crypto-blockchain industry into their legislations. These countries are now integrating crypto-blockchain technology into their financial, energy, health, e-commerce sectors.

Although the global adoption of the crypto-blockchain industry has gone sky-rocket, the United States of America seems reluctant to adopt the crypto-blockchain industry as it did in the past.

The United States of America still does not recognize the crypto-blockchain industry as a legal and valid financial solution. The United States has even prohibited its citizens to get involved in any crypto-blockchain activities.

As a result, the United States of America has been facing a lot of heat from the top cryptocurrency and crypto-exchange developers.

Out of these prominent cryptocurrencies, the CEO of Ripple, Garlinghouse, has been very expressive and concerned about the American perception of the crypto-blockchain industry. In his recent tweet, he stated that the companies in the United States of America are at a major disadvantage.

This is mainly because there is more than one regulatory body in the U.S.A. This is why the decision making is always at the mercy of these regulators because if one regulator does not agree, then none can move forward.

He stated that they are unable to operate with their full potential due to the restrictions imposed by the U.S. regulators. This is why they are unable to compete with the top cryptocurrencies that are currently ruling the crypto-world.

While expressing his displeasure, Garlinghouse stated that if they are not provided with this opportunity by the U.S. regulators, then they will have no choice but to move to a different country.

The co-founder of Ripple, Chris Larsen backed Garlinghouse’s tweet by making the same claim. He added that Ripple has been operating in the regulated environment since the start, which is a completely grey area for them.