“Cryptocurrency companies might be forced to move abroad due to the lack of clarity in crypto regulation in the country,” this statement was made by the Chief Executive Officer of San Fransisco based company, The Ripples Company, Brad Garlinghouse on his social media handle on Twitter.
The United States Department of Justice had released a report in which it seeks to enforce some crypto regulations on cryptocurrency companies as the Department seems to be most concerned by the anonymity that crypto trading grants its users and the availability of private coins.
Garlinghouse made it known that these new crypto regulations and enforcement could be the triggering point for crypto companies which have found the environment very hostile to their businesses.
He further said that private firms would find it difficult to abide by the regulations because there are up to five different government departments and agencies that hold a different meaning and view to what constitutes legal trading or illegal trading of cryptocurrency.
Ripples past altercations on Crypto Regulations
Ripples has been in a legal tussle with its investors since 2018 after it was dragged to court on the basis of it violating federal and state law on securities with its XRP cryptocurrency.
Recall that the investors had filed a claim that the tokens were unregistered with the Securities and Exchange Commission. However, the firm has been filing a case for dismissal because it says the network on which all XRP transactions happen is Decentralized.
Also, earlier this week, its former CEO, Chris Larsen who also happens to be one of the founders of the company, in a LA Blockchain summit made it known that the company is thinking about the possibility of moving its headquarters abroad due to the hostile US environment to cryptocurrency companies.
He said the company was considering moving the headquarters to either Britain or Singapore because of their favorable inclination towards the crypto industry.