- Chris Larsen, Ripple’s co-founder, suggests the SEC “lost on everything” crucial in the recent court ruling favoring XRP.
- Larsen criticizes the SEC’s unclear crypto regulations, driving crypto businesses out of the U.S. to more amiable regions like London, Singapore, and Dubai.
The Ripple Effect: Deciphering the Legal Tussle
Chris Larsen, the co-founder and executive chairman of Ripple Labs, recently sat down with Bloomberg, providing a detailed overview of Ripple Labs’ ongoing legal saga against the U.S. Securities and Exchange Commission (SEC).
Diving deep into the federal-level actions concerning Ripple Labs, a significant milestone was the recent objection to the SEC’s appeal request against the court’s primary judgment. This specific ruling was a beacon of hope for Ripple, cementing the notion that XRP wasn’t deemed a security during its public offering phase.
Drawing from this development, Larsen’s perspective is that the SEC’s grip on pivotal regulatory aspects has loosened, setting a landmark precedent. He deduces that the U.S., in its endeavor to regulate the crypto realm, has faltered. While ongoing litigation and potential appeals are par for the course in such high-profile cases, Larsen views the current scenario as a watershed moment. This paradigm shift, according to him, brings clarity, especially when juxtaposed with other crypto matters, such as the pending Bitcoin spot ETF applications.
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Larsen then pivoted to discuss the regulatory landscape, stressing the importance of clear-cut rules for digital assets. His criticism is pointedly directed at the SEC, particularly its chair, Gary Gensler. According to Larsen, the regulatory ambiguity suits Gensler, providing him with enhanced authority. But in Larsen’s playbook, it’s the Congress that should be laying down such pivotal rules, not unelected regulatory bodies.
The Broader Implications for the U.S. Crypto Space
While the Ripple-SEC lawsuit is a significant focal point, its reverberations are felt industry-wide. Larsen underscores a concerning trend – the exodus of crypto innovators and entrepreneurs from U.S. shores. With clear, supportive rules in locales like London, Singapore, and Dubai, many are choosing to initiate their crypto ventures there. Larsen’s ambition is clear: he envisions the U.S. reclaiming its leadership stance in the global crypto arena, which would invariably bolster hubs like San Francisco.
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