Chris Larsen Discusses Ripple Labs’ Appeal Against the SEC
In a recent interview with Bloomberg, Chris Larsen, co- founder and executive chairman of Ripple Labs, sheds light on the appeal filed by him and Brad Garlinghouse against the SEC.
Ripple Labs’ Objection to SEC’s Appeal Request
The host inquired about the latest news regarding Ripple Labs’ actions at the federal level. A recent objection was raised against the SEC’s request to appeal the initial court ruling, which favored Ripple. This ruling confirmed that XRP Ripple (XRP) was not classified as a security during its public sale.
Whole lot of Regulatory Victory and Precedent
Chris believes that the SEC suffered a whole lot of setback in the recent case concerning regulatory matters. Although while the case continues with probable appeals, he views this as a milestone development that sets a precedent. Furthermore, he outlines the mistakes made by the United States in cryptocurrency and blockchain policy, emphasizing the role of the legal process in providing much- required clarity, especially alongside pending Bitcoin (BTC) spot ETF applications.
Hot Take: SEC’s Lack of Clear Regulations and Congressional Involvement
Expressing his dissatisfaction, Chris criticizes the SEC for failing to establish clear regulations for digital currencies and instead relying on enforcement actions. He believes that the SEC’s chair, Gary Gensler, advantages from the resulting confusion as it enhances his authority. Chris advocates for clear regulations to be formulated by Congress rather than unelected officials.
Impact on San Francisco’s Digital currency Industry
Chris likewise discusses the implications for San Francisco’s digital currency industry. Due to favorable regulations and support for new ideas, entrepreneurs are choosing to establish their enterprises in locations like London, Singapore, and Dubai. Chris emphasizes the need for the United States to regain its leadership position in the cryptocurrency space, which would benefit cities like San Francisco.
Hot Take: The Need for United States Leadership
In summary, Chris Larsen’s insights highlight the significance of Ripple Labs’ appeal against the SEC and its implications for the broader cryptocurrency industry. His criticisms of the SEC’s lack of clear regulations and the need for congressional involvement provide valuable perspectives on regulatory frameworks. In addition, he underscores the importance of the United States reclaiming its position as a leader in the cryptocurrency space to foster innovation and economic growth.
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