SEC New Chief Gary Gensler will Promote the Green Crypto Program, Claims Ripple Labs Executive

Chris Larson, the Ripple Labs executive, has made some interesting projections for the future conduct of SEC. Larson opines that the newly appointed chief of SEC, Gary Gensler, is going to promote green crypto blockchains. These projections seem to be derived from the US Treasury secretary Janet Yellen’s statement about how the crypto mining operations have become a burden on the environment and create a massive carbon footprint. However, Gensler himself has not issued any statement yet.

Larson also claims that XRP is 100 thousand times more environmentally friendly than Bitcoin. It seems that the Ripple Labs top brass is convinced that they are up against the flagship cryptocurrency. It should be noted that Bitcoin makes up about 50% of the entire crypto market cap. A Bitcoin ban or regulation would have detrimental effects on the entire crypto market that would trickle down to the altcoin markets. 

Ripple Labs is Choosing to Stay in San Francisco Despite the Unfavorable Tech Environment

Larson has issued a statement saying that regularity clarity is most important for the US government. This statement is issued in the middle of the $1.3 billion SEC lawsuit. Currently, the regulatory agency has charged Ripple Labs executives with the offense of dealing in unregistered security. The case has not reached any verdicts, and the SEC is also reaching out to the foreign regulatory bodies to collect evidence against Ripple Labs.

However, Larson seems to be happy with the fact that XRP has managed to keep appreciating while the SEC lawsuit has not been ruled out. Many appeals and open letters addressed to Gary Gensler to take back the Ripple Labs case. However, the SEC chief has been known to quote in the past that it is possible to put XRP and Ethereum on trial as securities while he was teaching a class at MIT.

The Ripple Labs is Performing Philanthropic Acts and Making Tough Decisions

Ripple Labs executive Chris Larson has made a donation of $1.7 million to the Avenue Greenlight earlier this month. In the beginning, Ripple Labs was thinking about moving out its stock from the US territory due to the ongoing pandemic disruption. However, their decision later on changed, and they decided to hold their ground. Avenue Greenlight is a charity initiative that supports struggling small businesses in San Francisco.

Larson told the media that it is easy to opt out and move the business to UK or Singapore. However, during these tough times, it would be better to try to survive and support as much as possible. He is also campaigning for other businesses to join the cause as well. Coinbase has moved out of the territory due to the declining popularity of the tech businesses in the region. About 150 executives of Coinbase have moved to other places.