Garlinghouse to consider moving business out from the U.S.

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  • Ripple has not decided any timeline on relocating
  • The chairman is waiting to see the change of dynamics as he has donated to the Biden campaign during election time

Garlinghouse, CEO, Ripple and Larsen, Executive Chairman, Ripple have threatened the U.S. to leave the country as the regulatory body Securities and Exchange Commission are not giving clarity to the company. Ripple always positioned itself as a regulator friendly crypto company but with uncertainty in regulations, the company is looking to shift to a new boundary.

They have opened up their head office in Dubai currently. Ripple deals in XRP and with the lack of regulatory uncertainty, the company is planning to shift its base. The main reason is SEC’s lack of clarity about the legal status of XRP. However, after the US elections are now over and that President Joe Biden is likely to take charge in January 2021, Garlinghouse takes a back seat on moving out of the country as he is positive that the Biden’s administration would likely to come up with the solution on XRP.

The company has not decided any timeline on relocating. The chairman is waiting to see the change of dynamics as he has donated to the Biden campaign during election time. This has been reported in the Federal Election Commission Record. The company is looking to open public offering (IPO) and is also fighting with many investors over the securities issue.

Ripple is the only company to have the Bitlicense from New York. It is the only blockchain company to offer commercial use products used by hundreds of customers in more than 55 countries. Another blockchain company which has been fighting with the regulatory bodies and shifting boundaries is one of the largest blockchain companies Binance. They have been moving from one jurisdiction to another and has also not opened up to where they will be headquartered.

On the other hand, Ripple had created a buzz among the people after announcing its relocation. It is a strategic shift for the company. This has created a debate in the industry and one can see more challenges. Stu Alderoty, General Counsel, Ripple had said that Ripple is fighting for regulation and when it is done then it will be an example for others as well. Other jurisdictions have been very open but this has not been the case in the U.S.

The company wants to move out of the U.S. because they feel that the country’s regulation system is not mature as compared to other jurisdictions who are mature and willing to make changes. However, the benefits that the company gets off moving out still remain unclear.

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