The executive chairman of Ripple also said this week that regulation by the SEC is forcing them to consider abandoning the United States.
The American media Fortune came up with a report that shocked several fans of the cryptocurrency Ripple. The main reason is a statement from executive chairman Chris Larsen, who is dissatisfied with the SECâ€™s over-regulation of cryptocurrencies. Chris said Ripple was increasingly frustrated by the federal governmentâ€™s hostility to cryptocurrencies and was considering leaving the United States.
Chris commented on the situation during a virtual interview with Fortune at the LA Blockchain Summit and made several criticisms of the SEC.
According to the executive chairman of Ripple, almost every country has a more favorable regulatory environment for cryptocurrencies than the United States.
The most probable destinations to which Ripple could be moving are U.K. or Singapore. However, Larsen warns that this step will not end the US jurisdiction over many operations, but it will be a great relief for them to have another country as Rippleâ€™s chief regulator.
In the broader debate on the role of the central banks and digital currencies, it was not just Larsen who was critical, but several critics warned that the US could lag behind Blockchain technology and that the US dollar could lose its status as a world reserve currency.