Ripple is one of the companies leveraging blockchain technology for the financial sector. The company is currently contemplating relocating its headquarters to London. This move stems from regulators taking a closer look at the native XRP currency.
A London Move Makes Sense for Ripple
Being an active player in the financial industry, Ripple is getting a lot of attention. Whether that is for the better or worse, is a different debate. Regulators in the United States are clamping down on the project lately. This is not beneficial to the company, potentially forcing Ripple to move its headquarters somewhere else entirely.
London appears to be a region of keen interest. Despite the looming Brexit, it is still more cryptocurrency- and blockchain-friendly than California. Additionally, the UK’s FCA doesn’t seem to consider XRP as a security. Nor is it a security in the US, albeit that situation may change in the near future.
Keeping all of the above in mind, moving to London will offer multiple advantages to Ripple. As the SEC is currently examining how to regulate XRP and similar assets, avoiding these uneasy conversations altogether is a more favorable option.
There’s also the legal aspect to consider. Ripple investors are till fighting in court over XRP being security. This is primarily due to various misleading statements regarding the asset, potentially deeming it an unregistered security. It is a lot of hassle to contend with, and something best avoided altogether.
For the time being, it remains unclear if Ripple will move its headquarters. London is just one of many possible locations. Switzerland, Singapore, Japan, and the UAE are also being considered. Leaving the US almost seems like a foregone conclusion.
Ripple CEO Brad Garlinghouse feels the US is out of sync with the rest of the G20. Especially when it comes to cryptocurrencies, blockchain technology, and securities.
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