In July, the long-awaited XRP-SEC case was decided in favor of Ripple. After the XRP-SEC case, while the eyes were turned to other cases opened by the SEC, a positive decision came from the Grayscale case last week.
While the SEC has been consistently defeated in lawsuits, Ripple Labs president and co-founder Chris Larsen criticized US President Joe Biden and SEC Chairman Gary Gensler.
Speaking to Bloomberg, Chris Larsen stated that Biden and Gensler failed to regulate the cryptocurrency industry.
Evaluating Ripple's victory over the SEC, Larsen argued that the SEC has lost everything that matters in regulating the crypto industry.
“San Francisco was poised to become the blockchain capital of the world but lost that status due to hostile policy and regulatory pressures from the US government.
So the US government and SEC screwed up cryptocurrency and blockchain policy.
Gensler opted to regulate crypto by enforcement rather than waiting for legislators to pass clearer laws.
Gensler may like the lack of clarity in the crypto industry, but that's not America's way. We need clear rules from legislatures, not through the unelected, power-hungry and truly misplaced decision-makers you see in Gary Gensler.
“At this point, the decisions made by the courts will unfortunately be a start to getting this clarity through the courts rather than the regulators and getting us back in the game.”
Finally, touching on the Grayscale decision, Chris Larsen said that this decision means a rebuke to the SEC Chairman's method of regulating the cryptocurrency industry through sanctions.
I sincerely hope we’re seeing the beginning of the end of the SEC’s policy of regulation by enforcement. The Courts are rejecting it, and now it’s 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
*This is not investment advice.
