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Ripple CEO, Brad Garlinghouse asserts that the Confusing U.S. Crypto Regulations are driving Ripple and similar companies to consider overseas investment opportunities.
Europe emerges as a significant beneficiary of this situation. Garlinghouse advocates for the United States to adopt a regulatory approach akin to countries like the United Kingdom and Singapore, which have effectively established transparent guidelines for regulating cryptocurrencies.
Crypto Firms Limit Exposure to U.S. Clients and Companies Amid Confusing’ U.S. Crypto Regulations
Ripple CEO, Brad Garlinghouse, has revealed that Europe is reaping significant benefits from the uncertainty prevailing in the United States cryptocurrency industry, primarily caused by the actions of the Securities and Exchange Commission (SEC). Consequently, crypto firms are now seeking to invest outside the U.S.
Garlinghouse highlighted that Ripple, which recently acquired Swiss crypto startup Metaco, intends to reduce its engagement with U.S. companies and citizens because of the SEC’s regulatory crackdown. Garlinghouse stated, “This unfortunate situation has prompted companies like Ripple to allocate more investments internationally. Around 95% of our customers are non-US, and this year, most of our hiring will be non-US for the same reasons.”
Today, we are proud to announce Ripple has acquired @metaco_sa, becoming the sole shareholder of the Swiss-based provider of digital asset custody and tokenization technology.
Learn more: https://t.co/GrI3u13iDT
— Ripple (@Ripple) May 17, 2023
The move signifies a strategic shift for Ripple and other crypto firms as they navigate the regulatory landscape, aiming to safeguard their operations and foster growth amidst the evolving regulatory environment in the United States.
Ripple Expands Global Presence and Customer Network with Metaco Acquisition!
Ripple’s CEO expressed that the acquisition of Swiss startup Metaco is a perfect fit, considering the customers’ type and location. The acquisition, valued at $250 million, is expected to enhance Ripple’s international presence and grant access to esteemed clients such as BNP Paribas, Citi, and Societe Generale.
Ready to build a better global financial system and create greater economic fairness through #blockchain technology? 🙋
We’re looking for bold and passionate minds to #BuildRealValue with us. Learn about career opportunities at Ripple. https://t.co/lGSLLIvn2l pic.twitter.com/WDvBKCWg87
— Ripple (@Ripple) May 22, 2023
Regarding the crypto regulatory framework after the collapse of FTX, Garlinghouse recommended that U.S. regulators observe countries like the United Kingdom, the United Arab Emirates, and Singapore. These countries have provided clear guidelines for regulating digital assets. Garlinghouse believes such clarity enables entrepreneurs and investors to interact constructively with regulators.
Ripple’s Proactive Acquisition Strategy and Regulatory Clarity to Drive Expansion
Ripple has a proactive plan to acquire other companies through M&A, to broaden its services and leverage its existing resources and expertise to diversify its offerings.
Garlinghouse emphasizes that Ripple actively considers acquisitions and is strongly interested in purchasing firms operating in blockchain and crypto-friendly markets. He mentions the UAE and Switzerland as countries that offer regulatory clarity for crypto entrepreneurs, citing their representation at the summit.
With over $1 billion in cash on its balance sheet, Ripple intends to use this capital to actively invest in the growth of various sectors within the blockchain technology industry. Garlinghouse emphasizes the company’s commitment to using these funds for acquiring other companies and enhancing its internal infrastructure.
A favorable ruling from the SEC would significantly strengthen Ripple’s position and eliminate the legal uncertainties surrounding its operations. It would validate Ripple’s assertion that XRP is not a security, potentially resulting in increased adoption and market value. Furthermore, a positive outcome would rebuild investor confidence in Ripple and its ability to realize its long-term vision of transforming cross-border payments.
The SEC may have bitten off more than it can chew in its campaign against XRP.
In my latest piece for @ForbesCrypto, I discuss how the "Ripple effects" from this lawsuit could benefit not just the #XRPArmy but also @Coinbase & the industry as a whole.https://t.co/hml3wYE5IK
— Sam Lyman (@SamLyman33) May 21, 2023
Regulatory clarity would enable Ripple to expand its services and offer financial solutions in the United States and other jurisdictions without worrying about compliance issues. Demonstrating adherence to high compliance standards would also enhance Ripple’s attractiveness to prospective partners and customers, facilitating further growth and success.
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