Are Crypto Companies Leaving US? XRP Lawyer Reveals Concerning Trend

Pro-XRP attorney John Deaton has reported that, like Ripple’s CEO, other CEOs have joined to hire overseas and exclude investors from the U.S. This revelation comes amid Ripple Labs CEO Brad Garlinghouse’s ongoing expression of discontent with the regulatory environment in the United States.

Deaton Reveals CEOs Opting for International Hiring

Garlinghouse recently revealed that Ripple will concentrate its recruiting efforts primarily on Dubai, London, and Singapore rather than the United States. These regions are leading the way in the bitcoin industry’s rapid expansion thanks to their transparent and friendly regulatory frameworks. At the Mainnet 2023 conference, Garlinghouse revealed the company’s strategy move in light of the changing U.S. regulatory environment.

The CEO of Ripple Labs isn’t the only one who thinks this way. To avoid competition from U.S. investors, CryptoLaw founder Deaton has revealed that he has spoken with two other CEOs considering making similar decisions as Garlinghouse and instead deciding to employ worldwide. The SEC and its chairman, Gary Gensler, have been blamed for this development because of their supposedly restrictive posture against the cryptocurrency business.

SEC’s Stance Causes Stir in Crypto Industry

Gensler’s assumption that all cryptocurrencies are securities except Bitcoin has sparked debate. Although not a rule of law, the SEC has acted following this view, filing litigation against major cryptocurrency exchanges such as Coinbase and Binance.US for running unregulated stock markets.

Wendy O, a cryptocurrency YouTuber, has also said that the SEC’s actions have stifled the development of the cryptocurrency business in the United States. Concerns have been raised, and appeals have been made for clear and supporting rules in the wake of continuous enforcement proceedings against crypto businesses in the United States and a general lack of transparency from regulators.

The arguments have been heightened by the current dispute between Ripple and the SEC over whether XRP should be considered securities. Another pro-XRP lawyer, Bill Morgan, expressed his astonishment at the contrasting weight given to court rulings and SEC’s statements regarding the recent XRP ruling.