Chris Larsen slammed the Biden administration & Gary Gensler over their bad approach toward the crypto sector.
Ripple Labs is the developer company behind XRP ledger (XRPL), a Proof-of-Stake (PoS) blockchain network. The San Francisco headquartered fintech firm Ripple provides global payment services with the help of XRP coin, run on the XRPL. Since Dec 2020, Ripple has been in a legal conflict with the United States Securities & Exchange Commission (SEC) over the nature of the XRP coin & past activities with XRP coin, despite the court ruling in favor of Ripple Labs.
On 7 Sep 2023, Speaking with Bloomberg, Ripple Labs chair Chris Larsen said that the US regulators lost the important role of regulation.
“The U.S. screwed up here on crypto and blockchain policy. This is the beginning now through the courts, unfortunately instead of through regulators, to get that clarity and get us back in the game,” Larsen stated.
Ripple Labs chair dragged the matter of Grayscale vs. SEC lawsuit and said that the court ruling indirectly hinted that the SEC chairman Gary Gensler is aware that crypto rules are not clear & the SEC body is blindly taking action against crypto companies.
According to Larsen, Gensler is a power-hungry person & in the past, he only made misplaced decisions against the crypto industry.
In the other part of the interview, Larsen said that the newly created crypto rules by the Biden administration helped to kill the crypto industry in the US jurisdiction, which is contradictory to America’s reputation as a Silicon Valley.
Larsen named other countries like London, Singapore, and Dubai as a hub of crypto & blockchain adoption and said that they created clear rules for the crypto sector which is helping the crypto sector to evolve.
Furthermore, Larsen said that all other countries are moving toward crypto adoption with clear rules but why is America lagging in this race, despite being a leader in every sector over other countries?
Following this interview, Larsen said that it is the beginning phase of the downfall of the SEC’s enforcement action because the courts are rejecting its negative actions. And also said that it is a time for the Congress to interfere in this matter to create clear rules for the crypto sector.
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