Stop the bullying of Gary Gensler! THE trial which opposes the Securities and Exchange Commission (DRY) from the United States to the company Ripple became iconic of the cryptocurrency sector. It has now been almost four full years that this regulatory fight has attempted to determine what a financial security truly is. A case apparently won a few weeks ago, but the war is still far from over. This situation visibly annoys the CEO of Ripple Labs. Indeed, Chris Larsen explains in a recent interview that American regulators “messed up” the crypto file.
The beginning of the end of the SEC’s repressive policies?
The project Ripple is now better known for his drawn-out lawsuit against the SEC only for the use cases it proposes. It must be said that his ambition made in 2014 becoming the crypto of interbank exchanges is in decline given the evolution of the cryptocurrency sector. But that’s another debate…
However, Ripple’s resistance to SEC attacks is visibly starting to bear fruit. A trial initially triggered due to the excessive centralization of this project. Its main target: cryptocurrency XRP quickly considered a financial title.
Luckily, the hysteria of the boss of this regulatory body, Gary Gensler, on the subject could almost become an advantage… to the point of pushing crypto players in the United States to demand themselves saving regulatory clarity. In any case, this is the position expressed a few hours ago by Chris Larsen at the microphone of the Bloomberg media:
“That’s not the way in the United States. We should have clear rules coming from legislators, not from those unelected, power-hungry, and truly misplaced decision-makers like Gary Gensler. […] I sincerely hope that we are witnessing the beginning of the end of the SEC’s regulatory policy. »
This dynamic was, according to him, triggered by Grayscale’s recent and historic victory against the SEC in the Grayscale Bitcoin Trust (GBTC) case. Because for the first time, a player in the cryptocurrency ecosystem “really chastised the SEC […] in a way that we really don’t see very often.”.
The Biden Administration would have “messed up” its crypto policy
Obviously, the boss of Ripple Labs needed to empty his bag. Indeed, after the attacks against the SEC, it is the turn of the Administration of President Joe Biden to take for his rank.
Indeed, Chris Larsen does not fail to summarize his policy on blockchain and cryptocurrencies at a series of “errors”. Reason why the rest of this adventure will be played according to him “through the courts […] rather than through regulators, to get that clarity and get us back in the game”.
But Chris Larsen doesn’t stop there. He also criticizes Joe Biden for having “virtually killed” the city of san francisco inasmuch as “blockchain capital of the world”and this, despite the strong identity of Silicone Valley as a technological pole:
“We owned it, and we lost it because the Biden Administration, for whatever reason, decided to push this industry overseas. This is a missed opportunity. It’s really a pity. »
It’s hard to blame Chris Larsen her obvious anger with regard to the American regulatory authorities. However, his current stance reinforces his view of a cryptocurrency industry changing momentum following the victory of Grayscale vs. SEC. Just see how the latter comes from Summon her to make a final decision. And the Bitcoin spot ETF file is still pending…