Ripple Labs Chair Criticizes Biden and Gensler for Ineffective Crypto Policy

The chair and co-founder of Ripple Labs, Chris Larsen, has criticized the Biden administration and the Chairman of the Securities and Exchange Commission (SEC), Gary Gensler, for their mishandling of cryptocurrency policy in the United States. Larsen believes that their actions have hindered the growth of the crypto industry in the country.

United States Legal System to Bring Crypto Industry Back

In an interview with Bloomberg on September 7, Larsen expressed his opinion that the U.S. legal system will play a crucial role in bringing the crypto industry back into the game. He stated that the Biden administration had “screwed up” its crypto policy and that the clarity needed for the industry would now come through the courts.

Larsen further argued that the recent court judgment in favor of Grayscale against the SEC demonstrated the regulator’s lack of understanding and clear rules regarding cryptocurrencies. He called for Congress to take a leading role in shaping crypto policy to ensure proper regulation.

SEC Chair Harming Crypto Industry

Larsen criticized SEC Chairman Gary Gensler, accusing him of enjoying the lack of clarity in crypto regulations to exert control over the industry. Larsen believes that Gensler’s approach of making up rules as he goes along through bullying is not in line with the American way.

Gensler has previously spoken out against fraudulent practices and Ponzi schemes in the crypto market. He has emphasized the SEC’s role in upholding securities laws to protect investors and maintain the integrity of the market.

Biden’s Policies Impact on San Francisco’s Blockchain Status

Larsen also commented on Biden’s policies and their impact on the blockchain industry in San Francisco. He claimed that the administration’s decisions have hindered the city from becoming the blockchain capital of the world. Larsen cited London, Singapore, and Dubai as global blockchain hubs that have clear rules protecting consumers and enabling innovation.

He questioned why America, known for its innovative spirit, is not leading the call for clear and effective crypto regulations.

Editor’s Notes

It is essential for regulators and policymakers to strike the right balance when it comes to cryptocurrency regulations. While clear rules are necessary to protect consumers and foster innovation, excessive regulation can stifle the growth of the industry. Finding the right approach will be crucial for the United States to maintain its position as a leader in the global crypto landscape.

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