The co-founder of rippleChris Larsen, Chris Larsen, is extremely critical of the US government’s policies regarding cryptocurrency regulation. According to the entrepreneur, the current regulation is in force Blockchain Adoption was just a barrier and it took care of that Crypto Companies are moving abroad, for example to Dubai and Singapore.
Crypto innovations are flowing abroad
In the latter, clear regulatory frameworks were developed that offer blockchain entrepreneurs guidance. Singapore has had crypto platform guidelines in place since 2013 due to the risks of money laundering and terrorist financing. Recently, Singapore’s financial regulator formalized rules for “stablecoins,” highlighting this First coin offerings (ICOs) must comply with existing laws.
While Dubai and Singapore are leading the way in leveraging the benefits of blockchain, Larsen sees missed opportunities in America, particularly in San Francisco, where the Ripple founder himself is from. He believes that US policies have ensured that San Francisco is no longer the blockchain capital of the world reports Bloomberg
Chris cites Biden’s move to impose a 30% tax on crypto mining as an example of bad policy. The reason is that it has a negative impact on the environment. In addition, stricter tax reporting rules related to the buying and selling of cryptocurrencies have been proposed.
SEC approach to crypto
Larsen also condemns the government and US crackdown Securities and Exchange Commission (SEC) against crypto. In his opinion, the attempt to classify crypto as a traditional asset is fatal. Ripple itself has been involved in a legal dispute for years. Additionally, on July 13, it was revealed that XRP is not considered a security in many cases. Unfortunately, the case is still not over and the SEC plans to appeal. In addition, there are also legal disputes between the SEC and the crypto exchanges Coinbase and Binance face similar suspicions.