Ripple Labs’ Chair Slams US Regulators for Crypto Laws

Chris Larsen, chair and co-founder of Ripple Labs, claims that following the recent trials involving Ripple, Grayscale, and the Securities and Exchange Commission, the US legal system is prepared to “put the crypto industry back in the game.” He views it as a chance for Congress to grab the reins on crypto-related policies.

Ripple Labs Chair Blames SEC 

In an interview with Bloomberg on September 7, Larsen discussed his company’s July partial victory over the SEC, saying the regulator had lost on “everything that was important to [it] and important in the regulation of the industry.” 

He noted: “The U.S. screwed up here on crypto and blockchain policy. This is the beginning now through the courts, unfortunately instead of through regulators, to get that clarity and get us back in the game.”

Grayscale’s Victory was Monumental

Larsen added his thoughts regarding the most recent court ruling in favor of Grayscale over its attempt to convert its Bitcoin trust into a spot Bitcoin ETF, stating that it “really admonished the SEC […] in a way that you don’t really see very often.”

Ripple Labs Chair also Blames Biden

In addition, Larsen asserted that despite Silicon Valley’s position as a tech powerhouse, Biden’s crypto regulations “pretty much killed” San Francisco’s chances of becoming the “blockchain capital of the world.” He said: “That was a missed opportunity. It’s really unfortunate. Hurt the city.”

The Biden administration recently made it harder for American cryptocurrency investors. Back in May, Biden turned down Republican leaders’ proposal to negotiate a debt agreement that would have shielded cryptocurrency investors.

30% Surcharge on Crypto

Furthermore, a 30% tax surcharge on the electricity that is utilized by crypto miners in the area was suggested by the administration in March. Despite the fact that America will not be the first nation to implement such tax rates, some prominent figures fear that it might be disastrous.

The CEO of Marathon Digital Holdings, Fred Thiel, concerns how the planned tax may force mining operations to relocate abroad, where there are more secure tax havens.