{"id":341569,"date":"2023-09-07T16:30:30","date_gmt":"2023-09-07T11:00:30","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=341569"},"modified":"2024-01-30T02:05:34","modified_gmt":"2024-01-29T20:35:34","slug":"ripple-co-founder-biden-administration-pushed-crypto-industry-offshore","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ripple-co-founder-biden-administration-pushed-crypto-industry-offshore\/","title":{"rendered":"Ripple co-founder: Biden administration &#8216;pushed crypto industry offshore&#8217;"},"content":{"rendered":"<ul>\n<li><em>The crypto industry has moved to Singapore, Dubai, and London due to U.S. policies, Larsen rued.<\/em><\/li>\n<li><em>Larsen also criticized the SEC chair Gary Gensler for going after crypto in the face of unclear rules.<\/em><\/li>\n<\/ul>\n<p>Ripple [XRP] Labs co-founder and executive chairman Chris Larsen criticized the administration of President Joe Biden for pushing the crypto industry offshore. He said Biden administration \u201cpretty much killed\u201d San Francisco from being the \u201cblockchain capital of the world.\u201d<\/p>\n<p>According to Larsen, as a result, the crypto industry is now flourishing in Singapore, Dubai, and London, because of their clear rules around crypto.<\/p>\n<p>He lamented,<\/p>\n<blockquote><p>&#8220;We owned it and we don&#8217;t anymore because the Biden administration, for whatever reason, decided they wanted to push this industry offshore.&#8221;<\/p><\/blockquote>\n<p>Larsen made these remarks during an <a href=\"https:\/\/www.youtube.com\/watch?v=UCVlEpzwke8\">interview<\/a> with Bloomberg\u2019s Edward Ludlow on 7 September. The co-founder talked about a range of issues during the conversation, including crypto\u2019s legal battle with the U.S. regulators, crypto ecosystem, regulations across the world, and more.<\/p>\n<p>Regarding the U.S. crypto policy, Larsen commented,<\/p>\n<blockquote><p>&#8220;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.&#8221;<\/p><\/blockquote>\n<h4>Larsen lashes out at SEC chair Gary Gensler<\/h4>\n<p>The Ripple co-founder also took aim at the Securities and Exchange Commission (SEC) over the partial court victory <a href=\"http:\/\/ambcrypto.com\/sec-vs-ripple-the-final-ruling-is-here-and-this-is-what-it-means\/\" target=\"_blank\" rel=\"noopener\">achieved<\/a> by Ripple in July. He said that the SEC lost on every count that was important to the regulator.<\/p>\n<p>Larsen didn\u2019t miss commenting on the Grayscale-SEC case, either, in which the asset manager <a href=\"http:\/\/ambcrypto.com\/eth-bulls-rally-grayscales-legal-win-boosts-open-interest-and-sentiment\/\" target=\"_blank\" rel=\"noopener\">secured<\/a> a favorable judgement recently. He underlined that the court \u201creally admonished\u201d the regulator, which is a rare occurrence.<\/p>\n<p>The Ripple chair had some harsh words for the SEC chair Gary Gensler too. Larsen alleged that Gensler\u2019s policy is \u201cregulation by enforcement, urging,<\/p>\n<blockquote><p>&#8220;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.&#8221;<\/p><\/blockquote>\n<p>London-based consultancy firm Henley &amp; Partners recently <a href=\"http:\/\/ambcrypto.com\/there-are-only-6-bitcoin-billionaires-in-the-world-report-finds\/\" target=\"_blank\" rel=\"noopener\">published<\/a> the \u201cCrypto Wealth Report.\u201d It also included a Crypto Adoption Index.<\/p>\n<p>Singapore and the United Arab Emirates (UAE) were ahead of the U.S. in public adoption of crypto.<\/p>\n<p>Regarding innovation and technology, the United Kingdom (U.K.), Singapore, Switzerland, and the UAE topped the index. Singapore and the UAE are the most tax-friendly countries. The U.S. didn&#8217;t even make it to the top 10 countries in both of these latter indices.<\/p>\n<p>The concerns of crypto entrepreneurs in the U.S. are therefore not unsubstantiated.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ripple Labs co-founder and executive chairman Chris Larsen criticized the Biden administration for pushing the crypto industry to Singapore, Dubai and London.<\/p>\n","protected":false},"author":70,"featured_media":341592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[66,3,55,4,20],"tags":[],"class_list":["post-341569","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-news","category-news","category-xrp-ripple-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ripple co-founder: Biden administration &#039;pushed crypto industry offshore&#039; - 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