Chris Larsen, co-founder of Ripple, has repeatedly criticized the way the United States is shaping cryptocurrency regulations. Ripple itself has faced significant challenges and has been entangled in a legal battle for years, with XRP being accused of being unlawfully sold as a security. Recently, Larsen referred to the United Kingdom (UK) as the ‘Silicon Valley of Europe.’
Larsen foresees that in the coming years, the UK will evolve into a centre for technological and financial innovation, akin to the American Silicon Valley, where the world’s largest tech companies are headquartered. Ripple is considering expanding to London due to the city’s progressive stance on fintech and cryptocurrencies. Susan Friedman, head of policy at Ripple, has praised the proactive approach of the British government. According to her, initiatives surrounding Central Bank Digital Currencies (CBDCs) and the Bank of England’s involvement in the digital pound project are significant developments.
The aspiration to become the next global technology hub is also shared by various political figures in the UK, including Chancellor James Hunt. Hunt has devised a plan in which he envisions the country transforming into the ultimate destination for technology and financial companies, with the goal of becoming the largest economy in Europe.
The Chancellor has presented his vision to major players in the industry, such as Apple, Google, and Meta (formerly Facebook). To attract investments, Hunt has also proposed the promotion of lower taxes as part of his entrepreneurship plan.
Ripple’s CEO, Brad Garlinghouse, recently expressed his concerns about restrictive regulations in the United States for blockchain and crypto startups. During a panel discussion in Singapore, he emphasized the strict approach of the U.S. Securities and Exchange Commission (SEC) and advised prospective crypto entrepreneurs to consider alternative locations such as Singapore, Switzerland, the United Arab Emirates, and the UK for their projects.