The United States’ legal system is set to bring the crypto industry “back in the game” after the Biden administration “screwed up” its crypto policy, says Ripple Labs chair and co-founder Chris Larsen.
Speaking to Bloomberg on Sep. 7 about his firm’s July partial win against the Securities and Exchange Commission, Larsen argued the regulator lost on “everything that was important to [it] and important in the regulation of the industry.”
“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.”
Larsen also commented on the latest court judgment in favor of Grayscale over its application to convert its Bitcoin (BTC) trust into a spot Bitcoin ETF, noting it “really admonished the SEC […] in a way that you don’t really see very often.”
I sincerely hope we’re seeing the beginning of the end of the SEC’s policy of regulation by enforcement. The Courts are rejecting it, and now it’s time for Congress to take the lead on crypto policy.
Larsen argued the ruling was proof that SEC chair Gary Gensler knows crypto laws aren’t clear and simply likes the lack of clarity so “he can go after anybody and make up the rules as he goes along through bullying.”
“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 has however previously claimed that the crypto market is full of “fraudsters” and “Ponzi schemes” and that the SEC’s securities laws would help to clean it up.
Biden ‘killed’ San Fran blockchain hub
In another part of the interview, Larsen claimed Biden’s crypto policies “pretty much killed” San Francisco from being the “blockchain capital of the world” despite Silicon Valley’s tech hub reputation.
“We owned it and we don’t anymore because the Biden administration, for whatever reason, decided they wanted to push this industry offshore,” Larsen added.
“That was a missed opportunity. It’s really unfortunate. Hurt the city.”
He pointed to London, Singapore and Dubai as global blockchain capitals for their “clear rules that protect consumers and also celebrate innovation.”
“Why isn’t America leading that call?” Larsen asked. “That’s what we’ve always been, and we’ve got to get back to it.”
JD Vance has said he does not want the UK to go down a “very dark path” of losing free speech during a meeting with the foreign secretary at his country estate.
The US vice president has previously raised concerns that free speech is being eroded in the UK.
However, during a two-day visit to David Lammy’s grace and favour 115-room mansion, Chevening House in Kent, Mr Vance kept his criticism a bit more low key.
Asked about free speech in the UK during a televised meeting of the two men, Mr Vance said he has “raised concerns” about free speech in his own country and accused the West of “censoring rather than engaging” with different opinions.
He said: “I think the entire collective West, the transatlantic relationship, our NATO allies, certainly the United States under the Biden administration, got a little too comfortable with censoring rather than engaging with a diverse array of opinions. So that’s been my view.
“Obviously, I’ve raised some criticism, concerns about our friends on this side of the Atlantic.
“But the thing that I’d say to the people of England or anybody else, to David, is many of the things that I worry most about were happening in the United States from 2020 to 2024.
“I just don’t want other countries to follow us down what I think was a very dark path under the Biden administration.”
Mr Lammy, who has struck up the unlikely relationship over the past few months, did not comment on Mr Vance’s indirect criticism.
Image: The two politicians went fishing on the Chevening estate. Pic: Reuters
Image: Mr Vance revealed he caught a few fish but Mr Lammy was not so successful. Pic: Reuters
In February, when Sir Keir Starmer was carrying out a similar televised meeting with Donald Trump in the Oval Office, Mr Vance said “infringements on free speech” now do not just affect the British, but also American tech companies – “and by extension American citizens”.
Sir Keir quickly interjected, saying: “We’ve had free speech for a very long time, it will last a long time, and we are very proud of that.”
Mr Vance and his family are staying with Mr Lammy at Chevening for two days before heading to the Cotswolds for a summer holiday.
The vice president was effusive in his praise for the grand estate that comes with Mr Lammy’s job, saying “being here lifts up the human spirit” as he thanked the “people of England” for having such a “beautiful place for foreigners like me to come and talk about the issues of the day”.
The two politicians went fishing ahead of their meeting, with Mr Vance revealing he caught a few, while all three of his children caught a fish but Mr Lammy did not.
He also said his children had fallen asleep on the floor of the large house, and his three-year-old daughter kept asking if she would see Mr Lammy’s daughter.
Mr Lammy posted a picture of him and Mr Vance laughing as they fished, saying it was a “real pleasure” to welcome the Vance family and the vice president “gave me fishing tips, Kentucky style”.
JD Vance confirmed he will holiday in Scotland next week in a trip that could see up to 1,000 police officers deployed as part of security efforts.
He confirmed his Scottish trip during talks with Mr Lammy on Friday.
Sky News understands the Vance family are likely to visit Ayrshire, the same area where Mr Trump recently stayed where he secured a trade deal with the European Union.
Police sources have suggested approximately 1,000 officers will be working across the visit to ensure the vice president and his loved ones are safe, Sky News’ Scotland correspondent Conner Gillies reported.
Police Scotland declined to comment on the specifics.
It is understood the Vance family will not be staying at Trump Turnberry, the luxury Ayrshire resort owned by the US president himself.
A Police Scotland spokesperson said: “Planning is under way for a potential visit to Scotland by the vice president of the United States.
“Details of any visit would be for the White House to comment on, however it is important that we prepare in advance for what would be a significant policing operation.”