The United States authorized system is ready to convey the crypto trade “back in the game” after the Biden administration “screwed up” its crypto coverage, says Ripple Labs’ chair and co-founder, Chris Larsen.
Speaking to Bloomberg on Sept. 7 about his agency’s July partial victory over the Securities and Exchange Commission, Larsen argued the regulator misplaced on “everything that was important to [it] and important in the regulation of the industry.”
“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 additionally commented on the most recent courtroom judgment in favor of Grayscale over its utility to transform its Bitcoin (BTC) belief right into a spot Bitcoin ETF, noting it “really admonished the SEC […] in a way that you don’t really see very often.”
I sincerely hope we’re seeing the start of the tip of the SEC’s coverage of regulation by enforcement. The Courts are rejecting it, and now it’s time for Congress to take the lead on crypto coverage.
Thanks @EdLudlow @technology for the chat! https://t.co/3gZOR4lq5J
— Chris Larsen (@chrislarsensf) September 6, 2023
Larsen argued the ruling was proof that SEC Chair Gary Gensler is aware of crypto legal guidelines aren’t clear and easily likes the dearth of readability so “he can go after anybody and make up the rules as he goes along through bullying.”
“That’s not the American way. We should have clear rules from the legislatures, not through these unelected, power-hungry and really misplaced decision-makers that you see in Gary Gensler.”
Gensler has, nevertheless, previously claimed that the crypto market is filled with “fraudsters” and “Ponzi schemes” and that the SEC’s securities legal guidelines would assist to wash it up.
Biden ‘killed’ San Fran blockchain hub
In one other a part of the interview, Larsen claimed Biden’s crypto insurance policies “pretty much killed” San Francisco from being the “blockchain capital of the world” regardless of Silicon Valley’s tech hub status.
Related: Grayscale asks SEC to meet on ‘way forward’ for Bitcoin ETF conversion
“We owned it and we don’t anymore because the Biden administration, for whatever reason, decided they wanted to push this industry offshore,” Larsen added.
“That was a missed opportunity. It’s really unfortunate. Hurt the city.”
He pointed to London, Singapore and Dubai as world blockchain capitals for their “clear rules that protect consumers and also celebrate innovation.”
“Why isn’t America leading that call?” Larsen requested. “That’s what we’ve always been, and we’ve got to get back to it.”
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