Ripple Labs president criticizes Biden and Gensler for 'screwing up' crypto

Ripple Labs President Chris Larsen commented on recent cases involving Ripple, Grayscale and the SEC, saying it was time for Congress to take the lead. on cryptography policy.

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The U.S. legal system is poised to bring the crypto industry “back in the game” after the Biden administration “screwed up” its crypto policy, says Chris Larsen, chairman and co-founder of Ripple Labs.

Speaking to Bloomberg on September 7 about his company's July partial victory against the Securities and Exchange Commission, Larsen said the regulator had lost on "everything that was important to [him] and important in the regulation of the sector”.

“The United States has made mistakes when it comes to cryptocurrency and blockchain policy. It's the beginning now, through the courts, unfortunately rather than through regulators, to get that clarity and get us back in the game.”

Larsen also commented on the latest court ruling in favor of Grayscale regarding its request to convert its Bitcoin (BTC) trust into a spot Bitcoin ETF, noting that it “really chastised the SEC [...] in a way that you don't". I don't really see him very often. »

I sincerely hope that we are witnessing the beginning of the end of SEC regulatory policy. The courts reject it, and now is the time for Congress to take the lead on crypto policy.

Thanks @EdLudlow @technology for the chat! https://t.co/3gZOR4lq5J

— Chris Larsen (@chrislarsensf) September 6, 2023

Larsen argued that the decision was proof that the SEC Chairman