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 <p class="is-style-lead">Chris Larsen, the co<a rel="noopener noreferrer nofollow" title="-founder" href="https://thebittimes.com/tag/founder.html">-founder</a> and executive chairman of Ripple Labs Inc., believes San Francisco was once poised to become the <a rel="noopener noreferrer nofollow" title="global" href="https://thebittimes.com/tag/global.html">global</a> blockchain capital.</p> 
 <p>Unfortunately, Larsen now believes this status was lost amid hostile US government policy and regulatory crackdowns.</p> 
 <p>In a Sept. 6 report, Larsen believed the US government killed San Francisco, the city where Ripple, the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> payments company, calls home, from being what it could have been. </p> 
 <p>He attributes this to the Biden administration deciding they wanted to push this industry offshore. </p> 
 <p>As a result, London, as evidenced by a16z’s opening of a new office in the city; Singapore, and Dubai have all become larger hubs for blockchain.&nbsp;</p> 
 <p>Nevertheless, numerous blockchain companies are still based in the US and have faced regulatory scrutiny from the Securities and Exchange Commission (SEC).</p> 
 <p>Fortunately, despite the SEC’s attacks, Ripple Labs came out victorious on July 13, proving that the blockchain company did not violate federal securities laws by selling its token on public exchanges.</p> 
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 <p>While the industry saw this as a significant victory, Larsen noted that most progress has come from legal battles rather than proactive regulation. </p> 
 <p>He expressed concern that the government’s approach of creating rules and pressuring blockchain companies is becoming commonplace in the industry, which goes against the American principles of fairness and innovation.</p> 
 <p>Despite these concerns, Larsen remains hopeful about the future of blockchain and <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> in the US. However, he mentions that Ripple is primarily hiring employees from abroad, suggesting that entrepreneurs should consider doing the same.</p> 
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  <div class="wp-block-embed__wrapper"> <iframe title="The Biden Administration Moved the Blockchain industry off shore, Says Ripple co-founder" width="1020" height="574" src="https://www.youtube.com/embed/y0UmyPIw6DU?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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 </figure> 
 <p>San Francisco has remained out of the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-related headlines over the last couple months other than a report that in February the Federal Reserve (Fed) was looking for a senior application developer to work on systems related to a central bank digital currency (CBDC).</p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ripple-co-founder-san-francisco-lost-its-chance-of-becoming-a-global-crypto-hub-tbt61803.html">https://thebittimes.com/ripple-co-founder-san-francisco-lost-its-chance-of-becoming-a-global-crypto-hub-tbt61803.html</a></p>

Ripple co-founder: San Francisco lost its chance of becoming a global crypto hub

TheBitTimes

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