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Chris Larsen, one of the founders of Ripple, shares concerns regarding the US cryptocurrency regulatory approach.
Larsen condemned the US Securities and Exchange Commission (SEC) for its reliance on a “policy of regulation by enforcement,” emphasizing the need for Congress to assume a prominent role in shaping cryptocurrency policy.
“I sincerely hope we’re seeing the beginning of the end of the SEC’s policy of regulation by enforcement,” he wrote on the X social media platform.
This follows a court verdict that determined Ripple-affiliated cryptocurrency XRP was not a security when sold to the public, a result Chris Larsen sees as a huge triumph for the sector.
“The SEC lost everything that was important to them and important in the regulation of the industry,” he said.
San Francisco’s squandered potential Larsen, a resident of San Francisco, also bemoaned the city’s squandered opportunity to become the “blockchain capital of the world,” blaming it on “hostile US government policy.”
Read More: Ripple Labs and SEC continue legal battle over XRP
He noted that because of their clear and supportive legislative frameworks, cities such as London, Singapore, and Dubai have become worldwide centres for blockchain technology.
Chris Larsen added, “It’s really unfortunate. Our vacancy rate might have been half of what it is here in San Francisco if we still were the global blockchain capital of the world.”
An appeal for civic participation Larsen also discussed his civic engagement in San Francisco, highlighting the value of both financial contributions and active participation in local life.
He cited his XRP cryptocurrency donation to San Francisco State and his cooperation with Mayor London Breed through the Avenue Greenlight Foundation.
The organization has set aside approximately $3.7 million to give minor awards to merchant districts and assist small firms struggling following a crisis.
“There’s a lot of work to be done,” Chris Larsen said, emphasizing the need for improved tools and recruitment in fields such as public safety.
