Chris Larsen threatened to pull Ripple out of the US, hinted the UK and Singapore as the most likely destinations

Executive Chairman Chris Larsen said San Fransisco-based Ripple has grown increasingly frustrated over what it perceives as a hostile attitude to the cryptocurrency industry by the federal government, and in particular the Securities and Exchange Commission, according to Fortune.

Ripple Chairman Chris Larsen

The co-founder of Ripple has also threatened to pull his fintech firm out of the U.S. if what he termed the country’s hostile stance toward cryptocurrency companies does not soon change.

Speaking to Fortune’s Jeff John Roberts at the LA Blockchain Summit on Tuesday, Larsen named Singapore and the U.K. as possible countries the San Francisco-base company could move to if the environment doesn’t improve.

Ripple has been locked in a long-running battle with the SEC and investors over whether the digital currency XRP is a security. While Ripple owns a large hoard of XRP, the company maintains that the network that oversees XRP transaction is decentralized like Bitcoin or Ethereum—two rival cryptocurrencies that the SEC has concluded are not centrally controlled, and therefore exempt from securities laws.

In his comments on the U.S. government’s attitude to digital currency, Larsen noted that its alleged hostility given the Trump Administration’s tough stance on China—a stance that Larsen claims is correct. As for the increasingly likely possibility of a Democratic administration led by Joe Biden, Larsen expressed cautious optimism it could bring a more favorable regulatory climate.

He said a Biden administration may be beneficial in “repatriating” miners currently domiciled in China, noting that 65% of all miners are domiciled there.

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