Is Ripple Leaving US? CEO Backpedals On Threats After Biden Win

KEY POINTS

  • Ripple CEO Brad Garlinghouse said the company will wait and see before making a decision to leave
  • Earlier, the company threatened to leave the U.S. due to a lack of clarity about XRP tokens
  • Ripple used to position itself as one of the most regulatory compliant in the industry

After threatening to leave the U.S. amid concerns of regulatory uncertainty around XRP crypto tokens, Ripple has now decided to adopt a “wait and see” approach, especially after the election of Joe Biden as president.

Speaking to CNN, Brad Garlinghouse, CEO of Ripple, said the company has not put a strict timeline on when the company will make a decision to relocate. “I think I am waiting to see what dynamics change, associated with the Biden administration beginning their term in office, and I am optimistic that will actually improve where things sit for the XRP community broadly,” 

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Summary

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Something Trump and Biden agree on

BEHIND THE VETO THREAT — President Donald Trump’s war against Big Tech turned into a game of chicken today: Congress is forging ahead with a must-pass defense policy bill while ignoring Trump’s threat to veto it unless it repeals a 24-year old law that protects websites from lawsuits. The law — Section 230 of the Communications Decency Act of 1996 — means that tech giants like Twitter and Facebook (and tech small fry, too) can’t be sued for the user content on their platforms. Many credit it with giving rise to the internet we know and love to hate today.

Repealing it has become an obsession for Trump, one that has escalated in the twilight of his presidency, as Cristiano Lima details today. He mentions it frequently in his rallies without really explaining what it does. Yet President-elect Joe Biden also has said he supports repealing the law, telling The

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Facebook urges Biden to restore global internet

Joe Biden should tackle the splintering of the global internet as one of his top tech priorities when he becomes president, Facebook’s head of global affairs has told Web Summit.

The Chinese internet operated on “a completely different set of values” to Silicon Valley’s “seamless and open” approach, Nick Clegg said.

He also berated the European Union for its “zealous focus” on regulation.

But he did not address the spread of misinformation on the platform.

“The global internet doesn’t exist,” Mr Clegg said in a conversation with John Micklethwait, Bloomberg’s editor-in-chief, at the Web Summit conference, which this year is online-only.



a close up of a flag: The US and China have clashed repeatedly in recent months, over trade, coronavirus and Hong Kong


© Getty Images
The US and China have clashed repeatedly in recent months, over trade, coronavirus and Hong Kong

“There are two paradigms struggling for supremacy,” he said – with Turkey, Vietnam, Russia and Pakistan all attempting to emulate China’s “censored” version.

This fight for the future of the

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Will President-elect Biden wage a new Cold War with China?

China is no longer biding its time, as Deng Xiaoping once advised, it is asserting its power throughout the world. China’s rapid economic growth has emboldened Beijing to challenge American hegemony and forge a new global order based on its autocratic, mercantile system. Once coy about their ambitions, Chinese leader Xi Jinping and his supporters are convinced of China’s growing power and U.S. decline and unabashedly promote the “Chinese dream” encapsulated in a 2013 speech by Xi.

In response, a bitterly divided Washington has forged a surprisingly bipartisan consensus that sees U.S. geopolitical and economic competition with China escalating into a new Cold War comparable with the U.S.-Soviet confrontation of the 1950s. Indeed, some consider China already a more dangerous challenge than the Soviet Union.

Not surprisingly, policymakers have turned to the Cold War for ideas on how to navigate the return to great power competition, including mounting calls for

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Biden advisor Bruce Reed hints that Section 230 needs reform

U.S. Vice President Joseph Biden arrives for a meeting with his Chief of Staff Bruce Reed (L) June 22, 2011 on Capitol Hill in Washington, DC.

Win McNamee | Getty Images

A law protecting the tech industry from being held liable for their users’ posts is on shaky ground as President-elect Joe Biden prepares to come into office.

Bruce Reed, a top tech advisor to Biden during his presidential campaign, said at a virtual book launch hosted by Georgetown Law Wednesday that “it’s long past time to hold the social media companies accountable for what’s published on their platforms.”

Reed, who was chief of staff to Biden during his time as vice president, has advocated for tech reform in his years outside government. He worked as a senior advisor for Jim Steyer’s non-profit Common Sense Media, which advocates for digital media issues impacting children, including content moderation reforms.

Common Sense

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As Joe Biden faces a China emboldened in its race to tech supremacy, what policies will he pursue?



illustration: Lau Ka-kuen


illustration: Lau Ka-kuen

In January, the incoming US president Joe Biden and his administration will inherit a list of White House policies that they will have to untangle – perhaps even toss out – to develop a cohesive plan to meet the challenges of a more assertive China.

Chief among them is an emboldened China that has its sights set on attaining supremacy in future technologies. Four years of the Trump administration has taught Beijing the importance of self-reliance, as Huawei Technologies was cut off from its American supplier, and Chinese telecommunications companies were barred from the US market.



Joe Biden wearing a suit and tie: When US president-elect Joe Biden takes office, one analyst says that where China is concerned,


© Provided by South China Morning Post
When US president-elect Joe Biden takes office, one analyst says that where China is concerned,

Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.

Under President Donald Trump, the Treasury Department has restricted Chinese investments

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Europe pitches a new partnership to President-elect Biden

With the “America First” president heading for the exit, Europe hopes to build a new transatlantic partnership with his successor, President-elect Joe Biden—and it would like to start with vaccines.



Joe Biden et al. posing for the camera


© Leigh Vogel-Getty Images for Concordia Europe Summit


On Wednesday, the European Commission publicly set out its wish list for the future EU-U.S. relationship. At the top of the list: an invitation for the Biden-era U.S. to join the Covax initiative, a global pact for the equitable distribution of COVID-19 vaccines. After China joined a couple months back, the U.S. became the only major holdout.

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Also on the list: a “transatlantic green trade agenda” and a “green tech alliance”, regulatory cooperation on labor rights and tech, finance and tax reform, plus a joint effort to reform the World Trade Organization.

“We are taking the initiative to design a new transatlantic agenda fit for today’s global landscape,” said European

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Biden will stop Trump’s border wall construction, but there will be maintenance

“We’re looking at project timelines, estimated construction completion and looking to prioritize segments of the wall to minimize the potential threats created by a stoppage,” said one senior CBP official involved in the conversations.

At several locations along the border, crews have been working around-the-clock to install as much of the 30-foot steel bollard fencing as possible before Trump leaves office and the paychecks cease. The companies will be entitled to compensation from the Biden administration for the “demobilization” costs of withdrawing crews and equipment, but the contracts have a termination clause that allows the government to break the deals, said Raini Brunson, a spokeswoman for the Army Corps, which oversees the private companies building the barrier.

“The termination clause permits the government to exercise its right to terminate the contract for its convenience,” Brunson said. “If terminated for convenience, the contractor is entitled to submit a request for termination

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Joe Biden Says U.S. Lacks Leverage Over China, Will Keep Donald Trump’s Tariffs for Now

President-elect Joe Biden will not immediately axe the tariffs imposed on China during President Donald Trump’s trade war and has said that the U.S. needs to work towards increasing its “leverage” over Beijing.



Joe Biden wearing a suit and tie: President-elect Joe Biden speaks at the Queen Theater on December 1, 2020 in Wilmington, Delaware.In an interview with The New York Times he said that a new stimulus deal would be his priority.


© Alex Wong/Getty Images
President-elect Joe Biden speaks at the Queen Theater on December 1, 2020 in Wilmington, Delaware.In an interview with The New York Times he said that a new stimulus deal would be his priority.

Biden told The New York Times that when he takes office, the 25 percent tariffs that the Trump administration had slapped on around half of China’s exports would stay in place for the time being.

Ties between Beijing and Washington deteriorated under Trump who picked fights with China over trade and technology. There was a respite when both sides signed a “phase one” trade deal in January, committing China to purchasing $200 billion in extra American goods and services in

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