San Francisco-based cryptocurrency firm Ripple (XRP) has announced its plan to move its services from the US to more crypto-friendly countries such as Singapore or the UK due to excessive crypto regulations in the country.
Executive Chairman Chris Larsen said during the LA Blockchain Summit that most countries have better regulation regarding digital assets compared to the US. However, he added that moving Ripple’s services from the US will not necessarily waive the country’s jurisdiction over its services. Rather, he believes that having better regulators will allow the company to breathe better.
Ripple’s plans may be influenced by the ongoing legal clash with the US Securities and Exchange Commission (SEC) and investors, wherein the latter are alleging the former of securities fraud in which the company failed to register XRP as a security. They claim that Ripple deliberately misled by defrauding investors with a force statement which boomed XRP price inflation.
Ripple flatly denied the allegations, saying that the lawsuit was based primarily on “unsupported leaps of logic”.
Earlier, Larsen warned US lawmakers that the country is in a tech cold war with China, and that the Asian giant would win and its yuan would replace the dollar as the staple asset of the world. He pointed out that at least 65 percent of the world’s cryptocurrency mining power is located in the said country.