The Block: Ripple Labs co-founder Chris Larsen says the firm might leave the U.S.

According to Chris Larsen, co-founder and executive chairman of Ripple Labs, the company is likely to move its headquarters overseas because due to the regulatory stance of the federal government towards the crypto industry.

Larsen made the comments at the LA Blockchain Summit on Tuesday. He argued that almost every country besides the U.S. has a favorable system to regulate crypto, adding that the U.K. and Singapore top the list of likely new locations if the San Francisco-based company indeed decides to leave the U.S.

Ripple has been in an ongoing legal fight with investors who allege that the company violated state and federal securities laws by selling the digital currency XRP. The firm maintains that although it owns a large amount of XRP, the network used to settle XRP transactions is decentralized.

“Purchasing XRP is not an 'investment' in Ripple; there is no common enterprise between Ripple and XRP purchasers; there was no promise that Ripple would help generate profits for XRP holders, and the XRP Ledger is decentralized," the company stated in a September 2019 court filing .