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Ripple co-founder Chris Larsen has expressed his belief that Vice President Kamala Harris could play a vital role in addressing what he sees as a significant error in the cryptocurrency policy of President Joe Biden’s administration.
Concerns Over Current Crypto Regulations
In a recent interview with CNBC, Larsen voiced his strong disapproval of the current regulatory landscape for cryptocurrencies, labeling it a “misguided war on crypto.” His concerns come at a time when the cryptocurrency sector is increasingly engaging in political funding to sway regulatory decisions in its favor. According to reports from Public Citizen, the crypto industry has injected over $119 million into political campaigns, demonstrating its commitment to influencing policy amidst a backdrop of regulatory ambiguity.
Supporting Kamala Harris with a Major Contribution
In a move that underscores his commitment to the cause, Larsen has made a significant contribution of $10 million in XRP to support Kamala Harris’s campaign. This contribution has positioned him as one of the leading donors representing the cryptocurrency sector during the current election cycle. Larsen expressed enthusiasm for Harris’s economic message, stating, “We’re really excited by her economic message. It is a message now of pro-innovation, and making sure that our American champions dominate their industries around the world.”
Criticism of SEC Chairman Gary Gensler
Larsen did not hold back in his criticisms of Securities and Exchange Commission (SEC) Chairman Gary Gensler, referring to him as “the worst public servant in this country.” This comment highlights the ongoing tension between cryptocurrency leaders and regulatory agencies. Gensler’s management style has drawn ire for prioritizing enforcement actions over providing clear, understandable regulatory frameworks for the crypto industry. Many in the sector argue that his strict stance has created a climate of uncertainty and legal turmoil, making it difficult for crypto businesses to operate confidently within established guidelines.
Ripple’s Ongoing Regulatory Challenges
Ripple itself has faced substantial regulatory hurdles with the SEC, primarily revolving around the classification of XRP as a security. The outcome of this matter is crucial not only for Ripple but for the broader cryptocurrency landscape in the United States. Larsen has pointed out that the current regulatory approach has hindered the United States from seizing opportunities to lead in the realm of blockchain technology, an area that holds vast potential for innovation and economic growth.
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