According to Chris Larsen, Ripple he would now be on the verge of leaving the United States, looking for a country capable of ensuring a more welcoming ecosystem in which to thrive.
The former CEO of the company said it in clear notes during an interview with Jeff John Roberts and published on Fortune. An affirmation which, moreover, confirms an already known orientation. Arising from an increasingly hostile attitude on the part of US authorities towards digital assets.
Ripple's call for regulatory clarity
What are the reasons behind the possible farewell of Ripple to the United States? Especially the fact that it basically remained rejected the company's appeal for greater regulatory clarity. In the absence of which, with all evidence, it remains complicated to make long-term plans, knowing that the authorities could suddenly change the legislative framework.
It should be noted that only Bitcoin ed Ethereum they manage at this time to act outside the scope of Securities and Exchange Commission (SEC). A fact which had prompted the CEO of the company, Brad Garlinghouse, to make an appeal to the authorities, last May. Remained virtually unheard.
An attitude that is harmful to US interests
Just these days, some commentators have pointed out how in the technology war between the United States and China, the eastern giant is now one step away from victory. Facilitated precisely by the closure, for some inexplicable, of Donald Trump cryptocurrency.
An attitude made even stranger by the fact that the current administration has made the duel with the Asian country its precise foreign policy directive. And deriving precisely from the fact that the current White House tenant does not believe in monetary innovation. Moreover, as evidenced by his continuous and obsessive appeal to the power of the dollar.
Could anything change with Biden?
If Trump looks downright hostile to cryptocurrencies, even Biden doesn't seem to be their supporter. The Democratic challenger is certainly not known for having expressed particularly favorable positions on digital assets, despite some well-known figures in the sector in his party. And despite the fact that in the alternative aid plan proposed by the party during the lockdown, the use of virtual money was envisaged to ward off the possible dangers associated with cash.
In practice, the only voice that continues to push in the United States to open up to monetary innovation is Digital Dollar Project, the association inspired by Chris Giancarlo, former commissioner of the CFTC. Too little to be able to hope to be able to withstand the impact of a China now on its way to launching the digital yuan. He is entrusted with the task of cracking the imperial power of the dollar.
Where could Ripple be transferred?
In his interview, Chris Larsen hints at the hypothesis that Ripple could opt for Britain or Singapore. Countries that have managed to define a much clearer regulatory framework and which, at the moment, are the most welcoming systems for fintech, together with Switzerland and China.
However, it should be emphasized how not even in this case the Californian company could escape the long manus of the SEC. He is responsible for regulatory oversight of any financial activity that has the United States as its theater.