Ripple Eyes UK Crypto Registration Under Favorable Court Ruling

[ad_1]

Ripple, the global crypto payments giant, is targeting the UK crypto company registry, capitalizing on a recent favorable court ruling against the US Securities and Exchange Commission (SEC).

Ripples European Managing Director Sendi Young said in an interview with DL News that the company recently applied for registration as a crypto asset company with the UK’s Financial Conduct Authority and a payment institution license in Ireland.

The move follows a July 13 U.S. court ruling, which determined that sales of Ripples of XRP on crypto exchanges are not considered investment contracts. This decision led to a significant increase in the value of XRP, with a rise of around 60% in the week following the decision. Investors take the move as an indication that cryptocurrencies may not be subject to the same regulations as traditional stock and bond trading.

Young said the decision was a significant victory for the company and bodes well for its growth in the United States. However, she also pointed out that Ripples’ UK growth plans are unaffected by this decision.

According to the DL News article, despite the positive ruling in the US, Ripples’ legal battle with the SEC is not over, with a lawsuit still to follow. Ripple CEO Brad Garlinghouse has previously suggested that the company could move to the UK if the SEC lawsuit does not settle in favor of the company.

Young confirmed that Ripples’ position as a global hub in the United States remains unchanged, but most of the company’s expansion has occurred outside of the United States since the SEC filing. She noted that Ripple has made significant investments in various regions due to demand and opportunity, with APAC and EMEA being particularly strong markets. She expects Ripples’ global growth to continue.

Regarding the SEC’s recent crackdown on crypto firms, Young said regulation by enforcement is not a productive approach to encouraging innovation or attracting investment. She noted that jurisdictions like the UK and EU see uncertainty in the US as an opportunity to attract global companies.

Featured Image Credit:Photo/illustrationbyvjkombajnviaPixabay

[ad_2]