Chris Larsen, Ripple Labs chairperson, criticizes President Biden and SEC Chair Gensler for mishandling the cryptocurrency landscape. He believes Congress must now take the lead in shaping crypto policy.

The legal framework in the United States is on the brink of revitalizing the cryptocurrency industry. This comes after what Chris Larsen views as a series of missteps by the Biden administration in formulating crypto policies.

The co-founder of Ripple Labs shared his sentiments with Bloomberg on September 7. He was reflecting on his firm’s partial victory over the Securities and Exchange Commission in July. In Larsen’s perspective, the regulator faced significant setbacks on crucial matters, both for itself and for the industry under its purview.

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.

Chris Larsen’s Critique of SEC, Ripple Labs’ Perspective on Recent Legal Verdicts in Crypto

Major Developments in SEC vs Ripple Case as Legal Teams Undergo Changes

Larsen also weighed in on the recent legal judgment favoring Grayscale’s request to convert its Bitcoin trust into a spot Bitcoin ETF. He pointed out that this ruling represented a stern rebuke of the SEC, an occurrence seldom witnessed in legal proceedings.

Larsen contended that this verdict underscored SEC Chair Gary Gensler’s awareness of the ambiguous nature of crypto regulations. He implied that Gensler exploits this lack of clarity to wield unchecked authority. Often, he resorts to bullying tactics.

That’s not the American way. We should have clear rules from the legislatures, not through these unelected, power-hungry and really misplaced decision-makers that you see in Gary Gensler.

Gensler had previously characterized the crypto market as rife with “fraudsters” and “Ponzi schemes”. He claimed that the SEC’s regulatory measures were essential to cleansing the industry of such malpractices.

Larsen Critiques Biden’s Crypto Policies and San Francisco’s Decline in Blockchain

Dogecoin DOGE, bitcoin, Ethereum ETH, Shiba Coin, included with Crypto currency coin on stack 100 hundred new US dollar Money American Virtual blockchain technology future is money Close up concept

In a separate segment of the interview, Larsen asserted that President Biden‘s crypto policies had severely hampered San Francisco’s aspirations. This was in becoming the global epicenter for blockchain technology, despite the city’s reputation as a tech hub in Silicon Valley.

We owned it and we don’t anymore because the Biden administration, for whatever reason, decided they wanted to push this industry offshore.

Larsen lamented.

“This was an opportunity missed, a truly regrettable decision that has harmed our city.”

He contrasted San Francisco’s decline with other global blockchain hubs. These include cities like London, Singapore, and Dubai. Larsen attributed their success to well-defined regulations. These regulations safeguard consumers while fostering innovation.

“Why isn’t America at the forefront of this movement?” Larsen pondered. “That’s the role we’ve historically played, and it’s one we must reclaim.”

Read More:

Chainlink (LINK) Gains Momentum as Whales and Sharks Accumulate Tokens

Ex-Coinbase Leaders Secure $8 Million Investment for Innovative Crypto Lending Venture