In an interview with Bloomberg TV on Thursday, Ripple Labs co-founder and chairman Chris Larsen stated it is time for Congress to take charge of setting cryptocurrency policy.
Larsen argued the Securities and Exchange Commission (SEC) has “screwed up” oversight of the crypto industry under Chair Gary Gensler. He pointed to recent Ripple and Grayscale wins against the regulator as evidence the courts may bring more reasoned crypto policies than the SEC’s “bullying” approach.
“The U.S. screwed up here on crypto and blockchain policy,” said Larsen. “This is the beginning now through the courts, unfortunately instead of through regulators, to get that clarity and get us back in the game.”
He accused Gensler of intentionally keeping digital asset laws vague so the SEC could arbitrarily go after companies. Larsen called for legislators to establish clear legislation around cryptocurrencies.
“We should have clear rules from the legislatures, not through these unelected, power-hungry, and misplaced decision-makers that you see in Gary Gensler,” Larsen stated.
The Ripple co-founder also blamed the Biden administration and SEC for undermining San Francisco’s standing as a global blockchain hub, pushing crypto innovation to overseas markets with friendlier policies like London, Singapore, and Dubai.
Larsen questioned why the U.S. is not leading in stimulating crypto growth and innovation. His comments add to growing calls from the crypto industry for Congressional action to provide regulatory clarity and oversight for digital assets.
