Ripple’s general counsel reveals the company’s expansion plans in London.
Ripple’s general counsel Stuart Alderoty has highlighted the company’s expansion plans in London. Alderoty made this known in a tweet today while commenting on SEC Chair Gary Gensler’s recent congressional hearing.
Alderoty Slams SEC
Alderoty said he missed all the excitement on Gensler’s hearing because he was in London with the Ripple team.
Per Alderoty, he and other team members have been focused on growing Ripple’s business in the United Kingdom. However, Alderoty did not share further insights into how Ripple intends to grow its business in London.
Meanwhile, Alderoty took out time to slam the United States Securities and Exchange Commission for being “inept.”
“Can’t tell you how inept the SEC looks from this side of the pond,” said Alderoty.
Missed all the excitement yesterday on the Gensler hearing. I am in London, spending time with our team focused on growing our business. Can't tell you how inept the SEC looks from this side of the pond.
— Stuart Alderoty (@s_alderoty) April 19, 2023
Deaton Reaction
Alderoty’s recent tweet has prompted reactions from members of the XRP community, including attorney John Deaton, founder of CryptoLaw and pro-XRP lawyer. The lawyer representing thousands of XRP investors as amicus curiae in the Ripple v. SEC lawsuit said:
If I’m a U.K. regulator, I’m salivating at the disaster going on in the U.S. and thinking to myself what an opportunity. https://t.co/rGWpXwcBFx
— John E Deaton (@JohnEDeaton1) April 19, 2023
Ripple Expansion in London
Although Alderoty did not disclose Ripple’s expansion plans in London, there is a possibility that the blockchain company is seeking to onboard new partners or open more offices in the region.
It is worth noting that Ripple considers London a safe environment for its business. In 2016, Ripple announced that it had opened a new office in London to serve growing bank demand in the region.
Unlike the US, the UK government is primarily clear on crypto regulations. UK does not consider XRP a security. This makes Ripple continue expanding its business in London.
In an interview with CNBC in October 2020, Ripple CEO Brad Garlinghouse disclosed that the company is considering moving its headquarters to London due to regulatory uncertainty in the US.
While the US has been hostile to Ripple, other regions have been more friendly with the blockchain company. As reported in February, Ripple was mentioned in the Bank of England (BoE) Digital Pound consultation paper.
In addition, Ripple’s Director of CBDC Product Management, Anthony Ralphs, was listed as one of the contributors to the Digital Euro Association (DEA) whitepaper.