Ripple Labs CEO Brad Garlinghouse has recently praised a lot regarding the regulations-based clarity which is currently enclosing the digital assets. The topmost official of the Ripple Labs has formed a nation-wide shortlist for if the blockchain payment service firm leaves US amidst a lack of regularity simplicity that was there.
The Ripple’s chief executive officer Brad Garlinghouse stated in an interview that amongst the topmost potential hubs are the Japan, Singapore, Switzerland, as well as the UK and UAE. The California-based liquidity provider Ripple is all set to leave its US base and is eyeing for viable potential hubs to which it can transition and set up its base that includes Asian as well as European territories.
As per Garlinghouse, the sudden strategical shift for moving its base out of US is the lacking of clarity as well as solidity within the present US regulatory system. He further added that “Within the United States of America, the varied regulatory environments in his frank opine, makes it hugely difficult to compete within unfavourable ecosystem. There are quite contrasting scenario prevailing as few are favouring the cryptocurrency as a commodity, viz currency. Wherein few others call them as property or as securities. This makes it very hard for the sustenance of the cryptocurrency. He also states that the Regulation must not be a guessing game and must act in fact as gamechanger.
He however, was quick enough to state that “Ripple is definitely proud to be a US firm, and that they would like to stay within US if that was possible, however, they in turn require regulatory clarity in order for them for investing and expansion of their business.”
Garlinghouse further stated that “With regards to Cryptocurrencies and their expansion, nations like Japan, UK, Singapore, Switzerland etc have clear regulatory dynamics and environment within global basis. This will definitely support in garnering better investments, aid them with identification of firms that will certainly help them to invest, as well the tool to expand their firm.”
He also added that “As opposed to the authorities within Japan and the UK, the US Government have not been able to maintain momentum for providing favourable conditions for sustaining and its expansion for crypto businesses.
He also stated that “Japan is the nation that they are hugely thinking that there is a clarity specifically regarding the Crypto regulation, in addition to that nation’s SBI group has emerged as the core investor within Ripple, as well as that Japanese market has emerged as one of the most dynamic potential liquid provider market bases.”
He also emphasized that the COVID-19 Pandemic has given a “tailwind” to existing cryptocurrency markets as the central banks have been printing fiat currency, which is “inflationary on some level”. A transition away from money is also aiding for its successful expansion. The cryptocurrency giant Ripple as a firm provides its valuable services via payment as well as settlement aids through virtual currencies touted as XRP and other similar platforms.