Ripple Co-Founder Declares Biden’s Crypto Stance ‘A Really Bad Call’
Briefly
- Ripple co-founder Chris Larsen complains that President Biden’s crypto policies stifle innovation in the United States.
- According to Larsen, the Biden administration has moved the blockchain industry offshore, favoring Singapore, Dubai, and London.
- After the decision that Ripple’s XRP is not a security for retail sales, Larsen remains optimistic in spite of the challenges.
Chris Larsen, co-founder of Ripple, has criticized United States President Joe Biden for his stance against crypto, which he believes hinders the nation’s innovation.
Larsen believes that the US no longer leads the global blockchain industry.
Biden’s Stringent Crypto Policies Are Holding Back the US
Larsen talked about a perceived lag in the United States’ technology hub in an interview with Bloomberg. He attributes this to Biden’s stringent crypto policymaking.
Biden has recently proposed regulations for the crypto industry’s earnings and production.
Due to the perceived negative environmental impact of crypto mining, the Biden administration recently proposed a 30% tax. The tax, which would be known as the Digital Asset Mining Energy (DAME) excise tax, would amount to 30% of the cost of using electricity.
On August 25, the Biden administration further introduced a proposal to impose stricter regulations on brokers regarding the tax reporting of digital asset purchases and sales.
The goal of these proposed regulations is to bring crypto asset reporting into line with what is expected of other types of assets. It is argued by a number of industry participants that combining the two is analogous to combining apples and oranges.
Larsen believes that crypto’s strict regulations and the industry’s attempt to classify it as a traditional asset could be fatal. He declared,
“Unfortunately, this administration made a really bad call. They pretty much killed San Francisco from being what it was, the blockchain capital of the world.”
According to Larsen, the United States once dominated the blockchain industry.
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He believes that the future has experienced a significant decline, despite his initial optimism. We used to own it, but we no longer do. because, for whatever reason, the Biden administration decided they wanted to move this industry offshore.
According to Larsen, Dubai, Singapore, and London have established themselves as the “global blockchain capitals of the world.”
There Is Less Fear Surrounding SEC
When Larsen talked about the ruling from July 13 that said Ripple’s native token, XRP, isn’t considered a security for retail sales, his optimism came through.
He suggests that the SEC’s recent robust legal actions against crypto firms have created a challenging situation as a result of this unfavorable ruling.
“The SEC lost everything that was important to them, and important to regulation of the industry […] We think that this is really groundbreaking, this is the law of the land. It is actually quite good news for the US spirit on crypto and blockchain policy.”
He further refers to the SEC’s most recent fight against Grayscale with respect to its Bitcoin trade exchanged store (ETF) item.
Grayscale won the case in the US Court of Appeals. The judge stated that the SEC’s rejection of its application on the grounds it cited was incorrect.
“The judge really admonished the SEC,” Larsen stated.
