Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Chris Larsen, chair and co-founder of Ripple Labs, conveyed optimism that the legal framework in the United States is poised to revitalize the cryptocurrency sector following what he termed the Biden administration’s missteps in crypto policy during a recent interview with Bloomberg on September 7.
Larsen highlighted his firm’s partial victory over the Securities and Exchange Commission (SEC) in July, asserting that the regulatory agency had faced significant setbacks in overseeing the cryptocurrency market. “The United States has faltered on crypto and blockchain policy here,” Larsen declared. He stressed that the path to clearer industry guidelines would likely be determined by the courts rather than regulatory bodies.
<pAccording to Larsen, the recent court ruling in favor of Grayscale’s bid to transform its Bitcoin trust into a spot Bitcoin ETF highlighted the uncertainty surrounding crypto regulations. He pointed out that the decision notably criticized the SEC, raising doubts about the regulator’s understanding of crypto regulations and suggesting a preference for vague rules that permit arbitrary actions.
Larsen expressed apprehension regarding SEC Chair Gary Gensler’s stance, insinuating that Gensler favored ambiguity to exercise power capriciously, which contradicts the tenets of transparent legislative regulations. He criticized the crypto environment’s dependency on unelected officials.
Related Posts
In contrast, Gensler has previously emphasized the necessity of SEC regulations to combat fraud and Ponzi schemes within the cryptocurrency realm, asserting that such measures will safeguard investors.
Larsen also expressed disappointment over the Biden administration’s impact on San Francisco’s aspirations to become the “blockchain capital of the world.” He argued that the administration’s policies have hindered the city’s advancement by pushing the cryptocurrency industry abroad. Larsen conveyed regret for the lost opportunity and the ensuing damage to the city.
Larsen pointed out the clear and consumer-friendly policies that foster innovation in other prominent blockchain hubs like London, Singapore, and Dubai. He questioned why the United States, known for its innovative prowess, has failed to take the lead.
As the cryptocurrency industry seeks clarity and regulatory consistency, Chris Larsen’s perspective suggests that the U.S. legal system could play a pivotal role in reshaping the sector’s future, moving away from the uncertainty that has dominated to date.
The post Ripple Co-Founder Chris Larsen: U.S. Legal System to Resurrect Crypto Industry appeared first on BitcoinWorld.
