In a recent report, the co-founder of Ripple Labs, Chris Larsen, scathingly criticized the mode of operation and leadership of the United States Securities and Exchange Commission, labeling the chairman of the commission, Gary Gensler, as a power-hungry man and regulatory overreacher. Also, he stated his opinion on the ongoing developments regarding the state of crypto legislation in America.
According to the report, Chris Larsen, the executive chairman of Ripple, expressed his fear that the US is losing its Blockchain dominance. He added that the recent rulings of the US regulators have gravely impacted San Francisco, which is popularly known as the primary hub for cryptocurrency in the region.
During his interview, Larsen pointed out that the United States has gradually lost its global dominance as the forerunner in blockchain innovation to the likes of London, Dubai, and Singapore, which are increasingly becoming the epicenters of cryptocurrency globally.
In addition, the chairman highlighted that the SEC seems to be losing grip of its primary role as a pivot in the crypto industry’s regulatory system. Also, Larsen noted that the recent victory of Ripple Labs in the SEC is a massive achievement for the firm and the general crypto industry, marking a significant turning point in regulation. He reportedly stated this despite being aware of the underway appellate process.
Larsen Questioned Gary Gensler Over His Crypto Regulatory Approach
Furthermore, the Ripple co-founder critically slammed the SEC chairman, Gary Gensler, stating that the regulatory approach the chairman applied failed to guide entities with clear regulatory directives but aimed to enforce obligations on crypto platforms.
He argued that the authority to make regulatory decisions on significant cases involving major players like Ripple or Coinbase lies within the jurisdiction of the United States Congress alone. Larson added that there should be clear legislation from the policymakers directly and not suggestions from power-hungry and unauthorized decision-makers like Gensler.
Also, Larsen remarked on the general concerns over the alternative global regions attracting crypto firms. He stated that there is a rapidly growing rate in the number of crypto-based companies that are migrating from the US to offshore locations with more conducive business environments, such as the United Arab Emirates, Singapore, Hong Kong, UK, etc.
Nonetheless, the United States of America still stands as a significant player in the global crypto market despite the assertions from Larsen. Additionally, some crypto enthusiasts argued that the stringent regulation of the US may project the crypto innovation towards maturity and more safety.
SBI Remit Announces XRP As It’s Bridge Currency In Japan
Meanwhile, SBI Remit, a global money transfer platform, has selected the native token of Ripple Labs, XRP, as the bridge currency for connecting bank accounts. According to the report, SBI Remit, which is the financial powerhouse of Japan, announced the strategic partnership between itself and Ripple Labs on Wednesday, according to the report.
In addition, the report showed that the new alliance would bring about new cross-border remittance services leveraging XRP as the core bridge currency to connect various bank accounts registered in Indonesia, Vietnam, and the Philippines.
Furthermore, the report revealed that SBI had been leveraging the potential of Ripple Payments since 2017 to facilitate its cross-border transactions. However, the remittance firm has decided to integrate a solution that leverages Ripple Payments’ crypto assets, making it an established crypto firm in Japan that offers cross-border transactions with the aid of XRP, acting as a middleman between the two different currencies.
According to the report, the recent development marks another significant progress in the innovation of remittances based on XRP tokens for SBI Remit. In 2021, the firm launched a digital wallet program in the Philippines, presenting itself as the forerunner in Japan for endorsing XRP tokens as a bridge currency for cross-border payments. Also, the spokesperson for SBI Remit stated that the firm is excited about the latest development.
