Ripple & CNN Interview
The announcement in October from top-executives that Ripple is considering relocating its headquarters from San Francisco to a more crypto-favourable destination sent shockwaves throughout the community, further scrutinising the credentials of regulators to parent this infant technology.
CEO Brad Garlinghouse’s has now unsurprisingly revealed – in an interview with CNN’s Julia Chatterley – that only 5% of the company’s clients are located in the US. The topic of discussion was dominated by the urgency to achieve regulatory clarity in the market.
“95% of our customers are non-U.S. customers, and only about 5% are here in the U.S. And people say ‘why you are a U.S. company’ and ‘why is that?’ One of the dynamics is that U.S. companies are waiting for the clarity, and that clarity emanates from the Securities and Exchange Commission.”
Despite continued attempts to cooperate with US authorities on issues of regulation, trademarks and security status, as well as public displays of endorsement and respect of existing systems, Ripple feel they have been outcasted, especially in comparison to other top cryptocurrency projects in the space – Bitcoin and Ethereum.
Garlinghouse continued onto say:
“For us, around XRP and over 100 companies that are working with XRP getting that clarity, it’s very clear to me that XRP is being used by many companies as a currency. You had the U.S. Department of Justice refer to XRP as a currency, you had FinCEN refer to XRP as a currency. But you haven’t yet had that clarity from the SEC.”
Ripple’s future as a US company seems to be petering out into a disappointing end for both sides – although, the latter don’t know it yet. As a patriotic company, Ripple will be disheartened by their experiences over the last few years with US authorities, especially watching regulatory advances in the UK and Japan over the past year.
Like any business, they will now have put their own interest first for the growth and health of the project. If that means relocating, that’s what they’ll do. Authorities never really fully embraced the technology of Silicon-valley, but they turned out alright, so maybe history will repeat itself.