Ripple Co-Founder Lambasts “Power Hungry” Gary Gensler

In a scathing critique of the SEC’s leadership, Ripple Co-Founder Labels Gary Gensler as “Power Hungry” and Regulatory Overreacher.

Gary Gensler sitting in the House of Cards chair looking very power hungry.
Created by Gabor Kovacs from DailyCoin
  • Ripple’s executive chairman has illuminated a seismic shift in the U.S. blockchain landscape.
  • Ripple’s pivotal legal battle has hinted at a watershed moment for the cryptocurrency industry.
  • The allure of international shores has enticed crypto startups to explore new horizons.

Chris Larsen, one of Ripple’s co-founders and current executive chairman, shared his insightful perspective on the state of cryptocurrency regulation within the United States. His discussion particularly honed in on the ongoing legal battle involving XRP.

Larsen Slams SEC, Fears US Losing Blockchain Supremacy

Larsen did not mince words when expressing his apprehensions regarding recent federal rulings, which he firmly believes have adversely affected San Francisco’s stature as a primary epicenter for blockchain innovation. 

In the interview, he underscored that the United States has relinquished its mantle as the global forerunner in blockchain technology, ceding ground to London, Singapore, and Dubai.

Larsen did not hesitate to emphasize that the Securities and Exchange Commission (SEC) emerged on the losing side concerning pivotal aspects of their objectives and the industry’s regulatory landscape. 

Although cognizant of the ongoing appellate process, he portrayed the outcome of this case as a momentous juncture for both Ripple and the broader cryptocurrency sector, signifying a turning point of considerable import.

Ripple’s Larsen Challenges SEC’s Gensler Over Regulation

Moreover, Larsen took aim at Gary Gensler, the head honcho at the SEC, contending that Gensler’s regulatory approach appeared more enforcement-driven rather than guided by lucid legislative directives. 

He posited that the authority to make regulatory determinations, encompassing cases involving entities such as Ripple, XRP, or the potential introduction of a Bitcoin Spot ETF, should rest squarely within the purview of the United States Congress.

Larsen asserted, "We should have clear rules from the legislatures, not through the side of unelected power-hungry and really misplaced decision makers, as you see in Gary Gensler."

Responding to queries concerning alternative global jurisdictions attracting crypto-based enterprises, Larsen made note of a growing trend wherein numerous entrepreneurs were actively exploring options beyond U.S. borders. He cited countries including the United Kingdom, Singapore, and the United Arab Emirates as examples.

On the Flipside

  • The United States remains a significant player in the cryptocurrency space regardless of the statements from Larsen. 
  • It’s possible to argue that America’s regulatory actions may lead to a more mature and secure market. 

Why This Matters

Chris Larsen’s candid insights and critiques of the U.S. cryptocurrency regulatory landscape and Ripple’s ongoing legal battle offer a unique perspective on the evolving crypto industry. This discourse highlights the pivotal role of clear legislative guidance in shaping the sector’s future trajectory, resonating with crypto enthusiasts and stakeholders alike.

To learn more about XRP’s role as a bridge currency for a Japanese financial giant, delve into the details here:
XRP Becomes Bridge Currency for Japanese Financial Giant

Curious about how Ripple’s XRP is more than just computer code? Explore the intriguing aspects in this article:
XRP’s Value Reduced to “Nothing but Computer Code” in SEC Case

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.