Will Ripple follow Coinbase’s lead and leave the United States of America in favor of a jurisdiction that regulates cryptocurrencies in a friendlier way? The world’s second-largest crypto exchange Coinbase had made a splash last week when it announced the launch of an offshore exchange in the coming weeks after obtaining a license in Bermuda.
Meanwhile, Ripple remains in its legal battle with the U.S. Securities and Exchange Commission (SEC), with a ruling potentially coming any day now, according to several experts. Even though Ripple has already declared itself eager to fight and is expected to appeal all the way to the Supreme Court, it would take years to reach a final decision.
On top of that, CEO Brad Garlinghouse issued a warning in July 2022 that the crypto company will move to another country if it loses in its legal battle with the SEC. “[W]e will move to another jurisdiction if we lose the case in the United States. We still have an immense business to build. Why do it in a regulatory jurisdiction that’s not going to be friendly toward us?”
Tendencies For A Move By Ripple Can Be Observed
Over the past few weeks, some signs can be observed that Ripple is expanding its presence in other countries and flirting with their benefits. Garlinghouse and other Ripple executives have in the recent past repeatedly raved about other countries where the industry has clear rules and a welcoming environment.
Stuart Alderoty, chief legal officer at Ripple, revealed last Wednesday that he missed the Gensler hearing before Congress because he was busy in the UK:
Missed all the excitement yesterday on the Gensler hearing. I am in London, spending time with our team focused on growing our business. Can’t tell you how inept the SEC looks from this side of the pond.
Susan Friedman, International Policy Counsel at Ripple, has repeatedly praised in recent weeks the groundbreaking innovation brought about by MiCa crypto legislation in Europe. She also repeatedly emphasized that there is not a lack of compliance in the US in recent weeks, but a lack of clarity. In her latest tweet, she writes:
While the US continues to focus on enforcement instead of clarity, the EU has taken a big leap forward with a sensible, progressive approach to #crypto regulation. We look forward to building and growing in the European marketplace!
XRP community member Anders L has also spotted more signs of Ripple fleeing the US on the official website. Of the 66 open positions at Ripple, 46 are currently offered outside the United States. Six of those jobs offered in the United States are just internships. Furthermore, he observed:
Will Ripple leave the US?— Anders 🏁🇪🇺 (@X__Anderson) April 22, 2023
Out of 66 open roles at Ripple, 46 are offered outside the United States… 6 of the roles offered in the US are internships.
Seems Bank of America was removed from the customer page, still listed under the Steering Committee.https://t.co/clwAGlK1Mw
However, the observation is odd for the community member. As Bitcoinist reported, Bank of America (BoA) plans to increase its involvement with Ripple after the litigation ends. Whether BoA will pull out now, shortly before the end, seems rather unlikely.
So what’s the point? Although there has been no official announcement about leaving the US, Ripple seems to be putting an increased focus on the world outside. Even though this is not really surprising, it could be easy for Ripple to make good on its threat.
At press time, the XPR price stood at $0.4633.
Ripple XRP price
XRP price, 4-hour chart | Source: XRPUSD on TradingView.com