Chris Larsen, the chair of Ripple Labs, said it’s time for Congress to lead on crypto policy amid recent cases involving Ripple, Grayscale, and the SEC.
The United States is trying to fix its mistakes in crypto policy after the Biden administration’s missteps, according to Chris Larsen, the chair and co-founder of Ripple Labs.
In an interview with Bloomberg on September 7, Larsen discussed his company’s partial legal victory against the Securities and Exchange Commission (SEC) in July, stating that the regulator lost on key issues related to industry regulation.
He said, “The U.S. made mistakes in crypto and blockchain policy. Now, we are seeking clarity through the courts, instead of regulators, to get back on track.”
Larsen also commented on a recent court ruling in favor of Grayscale, which was seeking approval to convert its Bitcoin trust into a spot Bitcoin exchange-traded fund (ETF). He noted that this ruling “strongly criticized the SEC, which is not something you see often.”
I sincerely hope we’re seeing the beginning of the end of the SEC’s policy of regulation by enforcement. The Courts are rejecting it, and now it’s time for Congress to take the lead on crypto policy.
Thanks @EdLudlow @technology for the chat! https://t.co/3gZOR4lq5J
— Chris Larsen (@chrislarsensf) September 6, 2023
Larsen believes the recent ruling shows that SEC chair Gary Gensler is aware of the lack of clear crypto laws and prefers it that way so he can enforce rules arbitrarily through intimidation.
Larsen stated, “This isn’t how America should operate. We need clear rules established by lawmakers, not by unelected and overly ambitious decision-makers like Gary Gensler.”
However, Gensler has previously expressed concerns about fraudulent activities and Ponzi schemes in the crypto market. He believes that applying the SEC’s securities laws can help clean up the industry.
Biden ended the San Francisco blockchain hub
According to Larsen, Biden’s crypto policies have severely impacted San Francisco’s potential to be the global center for blockchain technology, despite the city’s renowned tech status in Silicon Valley. He noted that the Biden administration’s actions seemed to push the crypto industry away from the United States.
Larsen expressed disappointment at the missed opportunity, saying it had a negative impact on the city. He pointed out that cities like London, Singapore, and Dubai have become global blockchain hubs due to their clear regulations that protect consumers while fostering innovation.
He questioned why the United States isn’t leading in this regard, emphasizing the country’s historical role in innovation and the need to reclaim that leadership position.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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