The crypto industry has moved to Singapore, Dubai, and London due to U.S. policies, Larsen rued.
Larsen also criticized the SEC chair Gary Gensler for going after crypto in the face of unclear rules.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 “pretty much killed” San Francisco from being the “blockchain capital of the world.”
According to Larsen, as a result, the crypto industry is now flourishing in Singapore, Dubai, and London, because of their clear rules around crypto.“We owned it and we don’t anymore because the Biden administration, for whatever reason, decided they wanted to push this industry offshore.”with Bloomberg’s Edward Ludlow on 7 September. The co-founder talked about a range of issues during the conversation, including crypto’s legal battle with the U.S.
The Ripple chair had some harsh words for the SEC chair Gary Gensler too. Larsen alleged that Gensler’s policy is “regulation by enforcement, urging, “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.”the “Crypto Wealth Report.” It also included a Crypto Adoption Index.Regarding innovation and technology, the United Kingdom , Singapore, Switzerland, and the UAE topped the index. Singapore and the UAE are the most tax-friendly countries. The U.S. didn’t even make it to the top 10 countries in both of these latter indices.