Ripple Considers Leaving US Over Excessive Regulation
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Fintech firm Ripple might leave the United States overseas in response to excessive regulation, Fortune has learned, citing Ripple's Executive Chairman Chris Larsen.

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According to Larsen, the company is "increasingly frustrated" over a hostile attitude to the crypto market from the federal government, including the Securities and Exchange Commission (SEC).

Ripple's executive pointed out that almost every other country has a more friendly regulation of the crypto industry than the US. Currently, Ripple considers relocating to the UK or Singapore.

However, Larsen highlighted that Ripple's relocation will not end US jurisdiction over many of its operations.

At press time, XRP is trading at the $0.24 mark.

Ripple Considers Leaving US Over Excessive Regulation

Chart of the XRP/USD trading pair from EXANTE

In May 2020, Bitcoin Manipulation Abatement LLC filed a lawsuit against Ripple in a US federal district court accusing the company of misleading investors and selling XRP tokens as unregistered securities.

According to the filing, Ripple allegedly violated federal securities law by raising more than $1 million by marketing and selling XRP tokens as unregistered securities.

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At the beginning of the year, Ripple failed to dismiss the other class-action lawsuit, which, according to the company, might bring down the global virtual currency market XRP by half a trillion dollars.

The judge did not agree with Ripple's argument that the trial was not timely since it was filed more than five years after the XRP was proposed in 2013.

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