Ripple Labs’ Head Calls Out the SEC for Ruining Crypto
- The Chairman of Ripple Labs, Chris Larsen, called out the SEC for “screwing” the crypto industry in the US.
- He said that the SEC lost “everything that was important to [it] and important in the regulation of the industry.”
- Larsen added that Grayscale’s win “really admonished the SEC […] in a way that you don’t really see very often.”
- He also claimed that Joe Biden “pretty much killed” San Francisco from being the “blockchain capital of the world.”
The Chairman of Ripple Labs, a prominent fintech firm responsible for the development and creation of the XRP ecosystem, Chris Larsen, has called out the United States Securities and Exchange Commission (SEC) and the Biden administration for “screwing” the crypto industry in the US. Interestingly, the country has some of the highest numbers of crypto holders, as per studies.
The Ripple Labs’ Chair claimed that his firm will bring the crypto industry “back in the game” after the Biden administration “screwed up” its crypto policy. Interestingly, the SEC under the Biden administration has cracked down heavily on crypto trading platforms, crypto custodians, and other digital asset service providers.
“The US 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,” said the executive.
Interestingly, Larsen talked to Bloomberg on September 7 regarding the partial win that Ripple secured over the SEC. The executive noted that the regulator lost on “everything that was important to [it] and important in the regulation of the industry.” Additionally, the fintech firm’s token XRP was deemed not a security when sold to retail investors by Judge Analisa Torres in the lawsuit.
Moreover, Larsen also mentioned the win that digital asset management firm Grayscale secured against the SEC in a lawsuit. Grayscale’s request to turn its flagship product, Grayscale Bitcoin Trust (GBTC), into a Bitcoin (BTC) spot ETF was turned down by the SEC, and as a result, the firm filed a lawsuit against the regulator. The Ripple Labs’ Chair noted that the asset management firm’s “really admonished the SEC […] in a way that you don’t really see very often.”
The Ripple executive noted that SEC Chair Gary Gensler likes the lack of clarity so “he can go after anybody and make up the rules as he goes along through bullying.” He also called out Biden’s crypto policies, stating that they “pretty much killed” San Francisco from being the “blockchain capital of the world.”
“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,” Larsen said.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
