Ripple, the global crypto payments behemoth, is setting its sights on the UK’s crypto company registry, capitalizing on a recent favorable court ruling against the US Securities and Exchange Commission (SEC).
Sendi Young, Ripple’s European Managing Director, said during an interview with DL News that the company has recently applied for registration as a crypto asset firm with the UK’s Financial Conduct Authority and a payment institution license in Ireland.
This move comes on the heels of a US court ruling on July 13, which determined that Ripple’s sales of XRP on crypto exchanges do not qualify as investment contracts. This decision has led to a significant increase in the value of XRP, with a rise of about 60% in the week following the ruling. Investors are viewing this ruling as an indication that cryptocurrencies may not be subject to the same regulations as traditional stock and bond trading.
Young has expressed that the ruling is a significant victory for the company and bodes well for its growth in the US. However, she also emphasized that Ripple’s growth plans in the UK remain unaffected by this ruling.
Per the DL News article, despite the positive ruling in the US, Ripple’s legal battle with the SEC is not over, with a trial still to follow. Ripple CEO Brad Garlinghouse has previously suggested that the firm could move to the UK if the SEC lawsuit does not settle in the company’s favor.
Young confirmed that Ripple’s position as a global hub in the US remains unchanged, but most of the firm’s expansion has occurred outside the US since the SEC lawsuit was lodged. She noted that Ripple has made significant investments in various regions due to demand and opportunities, with APAC and EMEA being particularly strong markets. She expects Ripple’s global growth to continue.
Regarding the recent SEC crackdown on crypto firms, Young expressed that regulation by enforcement is not a productive approach to encourage innovation or attract investment. She noted that jurisdictions like the UK and EU are viewing the uncertainty in the US as an opportunity to attract global companies.