Expansion or migration? The question arises after the recent release of the general counsel of Ripple Labs. Stuart Alderoty told CNBC that the crypto company for which he has legal responsibility primarily operates outside of the United States. Indeed, since the conflict between Ripple Labs and the Securities and Exchange Commission (SEC), sanctions have been taken. Said sanctions prohibit Ripple from operating on US soil, forcing the crypto platform to seek new market share.
Ripple Labs sets out to conquer Ireland!
Ripple lands in Europe ! This is what one could deduce after applying for a license from the supplier of virtual asset services (VASP). Indeed, after the sanctions of the Securities and Exchange Commission, the company has packed up and intends to settle in Ireland.
The conflict dates back to December 2020, when the SEC accuses the company Ripple of having illegally sold digital titles, including its XRP token. Which had not been registered as required by the regulations.
Thus, in order to ensure the continuity of its operations and to begin its expansion project, the company has decided to “passport” its services in the European Union. Ireland, where it has only two employees, presents itself as a virgin land. It will be the second crypto company after Gemini to set up shop there. Recall that Germini is one of the many cryptography structures to bear the brunt of the collapse of the FTX project.
Otherwise, Blockchain Association, Coinbase and more than 10 other companies in the industry have shown their support for Ripple. It is through a amicus curiae brief that they wanted to support Ripple Labs Inc in this dispute with the SEC.
Conclusion
Ripple Labs, headquartered in San Francisco, is no longer allowed to operate on US soil after a thorny dispute with the SEC. This situation has generated several reactions including those of many crypto companies such as Coinbase and Blockchain Association. Which have filed amicus curiae briefs in support of Ripple. However, the Ripple company has applied for a license from the Irish authorities to settle in order to begin its expansion project. However, it remains open to consensus provided that the SEC recognizes that XRP is not a digital security, says director Brad Garlinghouse.
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