Ripple Co-founder Criticizes Gensler’s Regulatory Approach and Lack of Clarity

Ripple Vs. SEC

Prominent figures in the crypto industry continue to express their discontent with the SEC’s strategy of regulating through legal actions. Recent legal wins by crypto firms against the SEC have raised optimism that change may be on the horizon. Chris Larsen, the Chair and Co-Founder of Ripple Labs, sees these recent developments as a potential turning point, suggesting that the SEC’s heavy-handed approach may be nearing its conclusion. Larsen emphasized the need for Congress to step forward and assume a leading role in shaping cryptocurrency regulations.

Related article: XRP Value Not Solely Dependent on Ripple, Influencers Assert

Ripple Executive Claims Regulators Have ‘Killed’ San Francisco

During a recent interview with Bloomberg, Larsen highlighted the initial prospects of San Francisco as “the blockchain capital of the world.” However, he noted that the city lost this status due to regulatory crackdowns and the stringent policies imposed by the government. Consequently, numerous companies have been compelled to relocate their operations overseas. 

In contrast, Larsen pointed out that London, Singapore, and Dubai have emerged as larger hubs for the blockchain industry. These regions have distinct advantages, including clear regulations that safeguard consumers while fostering an environment that encourages innovation, according to Larsen’s remarks.

Revealing how The U.S. “screwed up” on crypto and blockchain policy, he added,

“They pretty much killed San Francisco from being what it was. We owned it, and we don’t anymore because the Biden administration, for whatever reason, decided they wanted to push this industry offshore.”

Related also: Is Ripple the New Apple, Amazon, or Google? Insights from a Wealth Manager

Larsen Criticizes Gensler’s ‘Bullying’ Tactics

Larsen highlighted that recent changes in the industry resulted from legal disputes rather than proactive regulatory measures. He criticized the approach of the SEC Chair, stating that Gensler was resorting to “enforcement-based regulation” instead of urging lawmakers to enact more explicit legislation.

“He just likes that lack of clarity so that he can go after anybody and make up the rules as he goes along through bullying. And that’s not the American way.”

Larsen noted.

The Ripple executive expressed his desire for the United States to regain its position as a global leader. While Larsen remains optimistic about the prospects of crypto and blockchain within the U.S., he disclosed that Ripple is primarily recruiting talent from overseas. In fact, he encouraged entrepreneurs to explore opportunities in cities like London, Singapore, or Dubai when considering launching their own ventures.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

Share this :