While all but one of the major U.S.-based cryptocurrency exchanges—Kraken, which has maintained radio silence—responded to the enforcement action by suspending or delisting XRP, the CEO of one trading platform has come out to say he will keep XRP on the books while Ripple fights the lawsuit.
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Bitcoin saw volatility and XRP crashed on news of an SEC suit against Ripple roiled markets (Photo: CoinMarketCap)Markets Report: Bitcoin volatility returns as Ripple lawsuit sparks 33% XRP loss
A 33% daily dive for XRP underscores market nervousness over regulatory action as Ripple hits back at an “attack” by the establishment
XRP was down nearly 30% over 24 hours at press time. Having retaken its position as the No. 3 cryptocurrency by market capitalization from stablecoin Tether (USDT) following a November rally, XRP dropped back to fourth place today, according to CoinMarketCap. Bitcoin also appears to have been affected by the market turmoil, with heavy volatility causing it to drop and then bounce by more than $1,000 over four hours early this morning.
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Ripple’s Brad Garlinghouse sees a change in tone
The international financial transactions firm’s CEO talks Bitcoin’s new respectability, mining under an eco-friendly Biden administration, and why U.S. crypto regulation is “out of step”
When asked what’s driving this year’s gains, Garlinghouse said: “It has definitely been an exciting year across crypto. I think one of the most important dynamics that is driving the crypto markets is the fact that many governments around the world are printing more fiat currencies—here in the United States, you see trillions of dollars of stimulus and that means we’re inflating the U.S. dollar. There are many people who want to hold non-inflationary assets. People are seeing crypto as an inflationary hedge.”
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Ripple co-founder Chris Larsen says the firm is fed up with a hostile regulatory climate (Photo: LA Blockchain Live)Chris Larsen: Ripple thinking about leaving U.S.
Speaking at a conference, the international payments firm’s co-founder said unfriendly regulations are driving Ripple to consider moving its headquarters
Ripple co-founder and executive chairman Chris Larsen said on Oct. 6 the international payments firm is considering moving out of the U.S. due to unfriendly regulations. Speaking at the LA Blockchain Summit today, Larsen said the message sent by the U.S. regulatory regime in its current state is that blockchain and digital currencies “are not welcome in the U.S.” He added, “if you want to be in this business, you probably should be going somewhere else.” San Francisco-based Ripple is considering that, Larsen said: “I’ll be honest with you. We’re even looking at relocating our headquarters to a much more friendly jurisdiction… and that’s a shame.” He cited the U.K., Switzerland, Singapore,…
