{"id":150937,"date":"2023-09-06T21:08:22","date_gmt":"2023-09-06T15:38:22","guid":{"rendered":"https:\/\/dripp.zone\/news\/ripple-cofounder-says-hiring-mostly-outside-us-blames-us-sec-actions-crypto-news\/"},"modified":"2023-09-06T21:08:24","modified_gmt":"2023-09-06T15:38:24","slug":"ripple-cofounder-says-hiring-mostly-outside-us-blames-us-sec-actions-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ripple-cofounder-says-hiring-mostly-outside-us-blames-us-sec-actions-crypto-news\/","title":{"rendered":"Ripple Cofounder Says Hiring Mostly Outside US; Blames US SEC Actions – Crypto News"},"content":{"rendered":"

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Ripple Labs cofounder and executive chairman Chris Larsen blamed the US Securities and Exchange Commission (SEC) for its hostile policy and regulatory crackdowns, stating that San Fransisco lost its pole position in pursuit of becoming the world\u2019s leading blockchain hub.<\/p>\n

Also Read: Blackrock Bitcoin Spot ETF Could Unlock $30 Trillion: Bloomberg Analyst<\/strong><\/a><\/p>\n

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US SEC Forced Crypto Companies To Go Abroad<\/h2>\n

Speaking to Bloomberg, the cofounder said London, Singapore and Dubai have now grown to be bigger hubs for the blockchain industry than San Fransisco, owing to the unfavorable crypto market<\/a> environment in the United States. Ripple was one of the largest victims of the SEC\u2019s anti-crypto crackdown in recent years. Although the company bagged a major legal victory in the lawsuit against the US SEC, the loss it accrued in the US markets is irreversible, as several companies were hesitant to work closely with the company.<\/p>\n

In the Summary Judgement, judge Analisa Torres ruled that the programmatic sale of XRP tokens does not qualify as securities. This led to the relisting of XRP for trading on major US based crypto exchanges like Coinbase<\/a> and Kraken.<\/p>\n

Ripple Cofounder: Crypto Policy Killed San Fransisco<\/h2>\n

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The crypto ecosystem has been arguing the US SEC Chair Gary Gensler is resorting to the policy of \u201cregulation by enforcement.\u201d Chris Larsen said<\/a> in the interview,<\/p>\n

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\u201cThey pretty much killed San Francisco from being what it was. We owned it and we don\u2019t anymore because the Biden administration, for whatever reason, decided they want to push this industry offshore.\u201d<\/p>\n<\/blockquote>\n

Hence, lack of proactive regulation forced the crypto companies to go for legal action, with the likes of Coinbase and Binance<\/a> too coming under the SEC\u2019s radar in recent times. On the positive side, Ripple executives had recently remarked that the company began re-engaging with its US based clients following the US SEC lawsuit victory.<\/p>\n

Also Read: Terra Luna Classic Proposal To Revive USTC And LUNC To $1<\/strong><\/a><\/p>\n

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