Monday, December 5 2022

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Ripple Labs is seeking a virtual asset service provider (VASP) license in Ireland to “passport” its services throughout the European Union (EU), the crypto firm’s general counsel told CNBC, Stuart Alderoty. Alderoty also stated that Ripple currently operates outside of the United States due to its ongoing dispute with the SEC.

Ripple operates outside the US due to dispute with SEC, says General Counsel

Stuart Alderoty, general counsel for Ripple, said the blockchain company is looking to expand its operations in Europe, despite the current crisis in the crypto market. The company is seeking a Virtual Asset Service Provider (VASP) license in Ireland, which would allow it to “passport” its services into the European Union (EU), Alderoty said in an interview with CNBC.

Additionally, Ripple is also considering applying for an e-money license in Ireland, where it currently has only two employees. Currently, the only crypto firm that holds a VASP license in Ireland is Gemini, one of several crypto projects affected by the recent collapse of FTX.

Even though it is headquartered in San Francisco, Ripple no longer derives the majority of its profits from the United States. Alderoty told CNBC that the company “effectively” operates outside of its home market due to its ongoing dispute with the U.S. Securities and Exchange Commission (SEC).

“Essentially, its customers and revenue are all generated outside of the United States, although we still have a lot of employees inside the United States”

– Stuart Alderoty, general counsel at Ripple.

Ripple has more than 750 employees worldwide, around half of which are based in the United States. The company runs an open-source, peer-to-peer decentralized platform that serves as a global payment network, allowing users to exchange funds in multiple forms, including dollars, euros, bitcoins, litecoins, and more. .

Coinbase and Blockchain Association support Ripple in its legal battle against the SEC

Ripple’s feud with the SEC dates back to 2022 when the government agency sued Ripple for illegally selling its XRP token, without first registering it as security. Ripple has fiercely opposed the SEC allegations, denying claims that XRP is a security because it is used to facilitate cross-border transactions between financial institutions and banks.

More than 10 companies have filed amicus briefs in support of Ripple, including Coinbase and Blockchain Association, among others. An amicus brief is a written submission filed by an organization or individual in support of one of the parties involved in the court case.

In October, Ripple CEO Brad Garlinghouse said he expected the company’s dispute with the SEC to be resolved in 2023. He also said his company was willing to find ground for agreement with the SEC as long as the agency admits that XRP is not a security.

This article originally appeared on The Tokenist

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