September 7, 2023 at 11:50 PM GST 2 mins read News
  • The chairman of Ripple Labs criticized the SEC’s recent legal losses against Ripple and Grayscale.
  • Larsen expressed concern regarding the adversarial stance of the US government towards cryptocurrency.
  • Larsen called for Congress to take the lead in shaping crypto policy.

Chris Larsen, the co-founder and executive chairman of Ripple Labs, delivered a scathing critique of the US Securities and Exchange Commission (SEC) and the US government’s handling of cryptocurrency. He left no room for ambiguity as he addressed recent legal developments and called upon Congress to assume a pivotal role in crafting crypto policy.

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Larsen’s primary concerns revolved around the SEC’s consecutive defeats in cases involving Ripple and Grayscale. He highlighted the recent court decision that partially favored Ripple, asserting that the SEC had faltered in all critical aspects of industry regulation. While he expressed confidence in the July 13th ruling that clarified XRP’s legal status, he acknowledged an ongoing legal tussle due to the SEC’s appeal request.

Moreover, Larsen took a swipe at the US government’s adversarial stance and stringent regulatory crackdown on the crypto sphere. He expressed disappointment in how these measures had led to San Francisco losing its standing as the epicenter of blockchain activities, with cities like Singapore, London, and Dubai now taking the lead.

In a compelling call to action, Larsen implored Congress to step forward and assume the mantle of leadership in shaping crypto policy. He stressed the necessity of a more proactive and collaborative approach to regulation. He firmly believed that the time had come for the crypto industry to transcend the SEC’s “regulation by enforcement” approach and for Congress to develop a comprehensive regulatory framework that nurtures innovation while safeguarding investors.

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