Search
Search
Ripple Chair Criticizes Biden

Ripple Labs Chair Slams Biden, Gensler for Mishandling Crypto Policy

0
0

63 Listen to this article In a scathing critique of the Biden administration’s handling of cryptocurrency regulations, Ripple Labs Chair […]

Latest News

Listen to this article

In a scathing critique of the Biden administration’s handling of cryptocurrency regulations, Ripple Labs Chair and co-founder, Chris Larsen, has accused the government of having “screwed up” its approach to the crypto industry. Larsen’s comments come in the wake of recent legal battles involving Ripple, Grayscale, and the U.S. Securities and Exchange Commission (SEC), as he calls for Congress to take the reins on cryptocurrency policy.

Speaking with Bloomberg on September 7, Larsen highlighted Ripple Labs’ partial victory over the SEC in July and asserted that the regulator had failed on “everything that was important to [it] and important in the regulation of the industry.”

Larsen also commented on a recent court judgment favoring Grayscale’s application to convert its Bitcoin trust into a spot Bitcoin ETF, characterizing it as a stern rebuke to the SEC. He noted that the judgment “really admonished the SEC […] in a way that you don’t really see very often.”

Furthermore, Larsen argued that SEC Chair Gary Gensler knowingly exploits the lack of clarity in crypto laws to “make up the rules as he goes along through bullying.” Gensler has previously labeled the crypto market as rife with “fraudsters” and “Ponzi schemes” and expressed the belief that the SEC’s securities laws would help clean it up.

Larsen didn’t stop at criticizing the SEC; he also took aim at President Biden’s approach to cryptocurrency policy, stating that Biden’s policies have effectively “killed” San Francisco’s aspirations of becoming the “blockchain capital of the world,” despite its reputation as a tech hub in Silicon Valley.

Read Also:  FTX Co-Founder Sam Bankman-Fried Settles Civil Liability With Investors

“We owned it, and we don’t anymore because the Biden administration, for whatever reason, decided they wanted to push this industry offshore,” Larsen asserted.

He contrasted this with other global financial hubs such as London, Singapore, and Dubai, which have clear regulations that protect consumers while also fostering innovation. Larsen challenged the United States to return to its historical role as a leader in innovation and blockchain technology, asking, “Why isn’t America leading that call? That’s what we’ve always been, and we’ve got to get back to it.”

Larsen’s comments underscore the growing frustration within the crypto industry regarding the regulatory environment in the United States and the need for a more coherent and forward-thinking approach to cryptocurrency policy.

For the Latest Crypto News follow the Coinography and Subscribe our YouTube channel or follow us on social media platforms like Twitter, Facebook, Instagram and Linkedin.

You Might Also Like

Read Also:  Coinbase SEC Ripple Legal Battle: Chief Lawyer Alleges Major Misconduct
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

0
Would love your thoughts, please comment.x
()
x
Scroll to Top
Crypto Whale Splurges $10.4 Million on Meme Coin PEPE SOL Price Nearing Support as On-Chain Activity Dips for Solana Penguiana Meme Coin’s Presale Achieves Success, Raising 290 SOL Solana to Bitcoin Bridge, Zeus Network, Set for Debut in Q3 2024 DeFi Lending Leader Aave Unveils V4 Protocol Overhaul MicroStrategy (MSTR) Incurs Losses in Q1 After Digital Asset Impairment Takes Toll Upbit Emerges as Top Five Crypto Exchange, Posing Challenge to Binance, Coinbase Tether’s TON Blockchain Entry Reaches $60M: CEO Content SHIB News: 700M Tokens Burned, Shiba Inu Targets $0.00004 Polkadot Relay Chain Upgrade Plan and 10M DOT Prize Initiative TON Network Surpasses $140M TVL as Toncoin Price Skyrockets Bitcoin Falls Below $60,000 After Israel’s Strike on Iran Ragnarok Joins Web3 via Ronin and Gravity Collaboration Worldcoin Announces “Human Centric” Blockchain: World Chain Dubai Flood Spurs Blockchain Life 2024 Airdrop ZachXBT Reveals Frauds on Ethereum Layer-2 Networks Winklevoss Twins Invest $4.5M BTC in Bitcoin Soccer Club VeChain and UFC Unveil Tokenized Gloves Collaboration Web3 Credentials Platform Galxe Goes Live with Mainnet Launch El Salvador’s Newest Hilton Leverages Tokenized Bitcoin Debt