In response to recent instances involving Ripple, Grayscale, and the SEC, Chris Larsen, the chair of Ripple Labs, stated that Congress ought to take the initiative on crypto legislation.
After the Biden administration “screwed up” its crypto policy, the US legal system is expected to put the cryptocurrency industry “back in the game,” according to Chris Larsen, co-founder and chair of Ripple Labs.
Regarding his company’s partial victory over the Securities and Exchange Commission in July, Larsen said in an interview with Bloomberg that the agency had lost on “everything that was important to [it] and important in the regulation of the industry.”
When it comes to cryptocurrency and blockchain policy, the US erred. Unfortunately, rather than through regulators, the courts are now starting the process to provide that clarification and get us back into the game.
Larsen also discussed the recent ruling in Grayscale’s favor on their application to convert its Bitcoin
Bitcoin
$25,769
Noting that it “really admonished the SEC […] in a way that you don’t really see very often,” the investor put $25,769 trust into a spot Bitcoin ETF.
Larsen contended that the decision demonstrated that SEC head Gary Gensler is aware of the ambiguity in crypto laws and that he enjoys it because it allows him to “go after anybody and make up the rules as he goes along through bullying.”
“It Isn’t How We Do It in America.” Legislators should be the ones establishing clear regulations, not these unelected, avaricious, and terribly misguided decision-makers like Gary Gensler.
However, Gensler has acknowledged in the past that there are many “fraudsters” and “Ponzi schemes” in the cryptocurrency market and that the SEC’s securities laws will assist in cleaning it up.
Biden “killed” the cannabis hub in San Francisco
Despite Silicon Valley’s position as a tech powerhouse, Larsen asserted in another segment of the interview that Biden’s crypto regulations “pretty much killed” San Francisco’s status as the “blockchain capital of the world.”
Concerning the “path forward for Bitcoin ETF conversion,” Grayscale requests a meeting with the SEC.
Larsen continued, “We owned it and we don’t anymore because the Biden administration decided they wanted to push this industry offshore, for whatever reason.”
It was a squandered chance. It’s very regrettable. Damage the city.
As global blockchain capitals, he cited Singapore, Dubai, and London because of their “clear rules that protect consumers and also celebrate innovation.”
“Why does America not lead that call?” Larsen enquired. “That’s who we are and must return to it,” saying that.
