Larsen claims that lack of regulatory clarity is pulling the US behind in the crypto race.
Chris Larsen, the co-founder and chair of Ripple Labs, has expressed strong dissatisfaction with the Biden administration's approach to cryptocurrency policy.
In a recent conversation with Bloomberg on September 6th, Larsen emphasized his disappointment with the Securities and Exchange Commission (SEC) for its stance on cryptocurrency and blockchain technology.
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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.
Larsen criticized President Biden's crypto policies, which he says have resulted in San Francisco losing its title as the "blockchain capital of the world."
<...> the Biden administration, for whatever reason, decided they wanted to push this industry offshore. That was a missed opportunity. It's really unfortunate.
He highlighted London, Singapore, and Dubai as the new global centers for blockchain innovation, applauding their clear regulatory frameworks that both protect consumers and encourage innovation.
Larsen also lauded a recent court decision favoring Grayscale in its efforts to convert its Bitcoin trust into a Bitcoin ETF. He stated that the judgment lambasted the SEC in a manner rarely seen.
According to Larsen, the ruling showed that SEC Chair Gary Gensler is fully aware that crypto laws aren't clear and uses them to "go after anybody and make up the rules as he goes along through bullying."
Chris Larsen argued that this approach contradicts American principles.
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.
Chris Larsen's sharp criticism of the Biden administration and the SEC reflects growing frustrations within the crypto industry over regulatory ambiguities. As countries like Singapore, the UK, and the UAE stride ahead with clear crypto policies, Larsen's comments underscore the urgent need for the US to establish definitive rules that will aid in the growth and regulation of the burgeoning crypto and blockchain sectors.
