Why Did Ripple’s Co-Founder Bash Joe Biden and Gary Gensler?

Chris Larsen, the chair and co-founder of Ripple Labs, has asserted that the United States legal system aims to rectify the missteps in crypto policy made by the Biden administration.

He highlighted his company’s partial victory against the Securities and Exchange Commission in July, emphasizing that the regulator faltered on critical aspects pivotal to industry regulation.

Larsen Slams Gensler on the Lack of Crypto Regulatory Clarity

The Ripple co-founder recently expressed his belief that the United States has mishandled its crypto and blockchain policy approach, slamming Biden and Gensler.

Larsen addressed a recent court decision favoring Grayscale’s application to transform its Bitcoin trust into a spot Bitcoin ETF. He pointed out that this ruling delivered a rare and stern admonishment to the SEC, a sight not commonly witnessed in such proceedings.

Larsen contended that the recent ruling proves that SEC Chair Gary Gensler recognizes the ambiguity surrounding crypto laws. He further suggested that Gensler may prefer this lack of clarity as it allows him to pursue individuals and establish rules through assertive tactics. In contrast, Gensler has previously characterized the crypto market as rife with “fraudsters” and “Ponzi schemes,” asserting that the SEC’s securities laws are instrumental in rectifying this situation.

Biden’s Crypto Policies Criticized

The Ripple co-founder also lamented the impact of Biden’s crypto policies on San Francisco’s standing as the potential “blockchain capital of the world,” despite its established reputation as a tech hub in Silicon Valley. He pointed out that the city no longer holds this distinction, attributing it to the Biden administration’s decision to push the industry overseas for reasons unknown.

Highlighting London, Singapore, and Dubai as prominent global blockchain hubs, Larsen credited their transparent regulations safeguarding consumers and fostering innovation. He also questioned why the U.S., traditionally at the forefront of such initiatives, was not leading this charge and emphasized the need to reclaim that position.