Tag: chris larsen

Ripple Co-Founder Chris Larsen Faces Backlash Over BTC Source Code Change Campaign

Earlier this week, Chris Larsen, the co-founder of embattled blockchain payments firm Ripple Labs Inc shared an update about his new campaign dubbed “Change the Code, Not the Climate”. He is collaborating with climate-focused bodies Greenpeace and the Sierra Club.

Larsen’s ultimate focus of the campaign is to persuade members of the Bitcoin community to come together in a bid to change the Bitcoin source code from the high energy-consuming Proof-of-Work (PoW) to the better conservative Proof-of-Stake (PoS) protocol. 

While Larsen claims his motives are pure and directed toward ensuring the long-term success of the Bitcoin protocol, prominent members of the ecosystem thought otherwise, with many expressing their displeasure with his pursuits.

Ryan Selkis, the founder of data research and analytics platform, Messari, called Larsen a ‘Judas’ as he believes the billionaire Ripple founder is trying to bite the fingers that fed him.

“Chris Larsen – who in a just society would be in jail for the bad faith investor misrepresentations he and his team made regarding their XRP sales – is spending money attacking the industry that created his ill-gotten multi-billion dollar fortune. Judas,” Ryan said in a tweet.

It is not uncommon to make changes to blockchain protocols, especially open-sourced ones like the Bitcoin Network. However, to make such changes, the proposals must pass through a set of processes, one of which Larsen’s did not pass through.

“I am unable to find your Bitcoin Improvement Proposal submission, nor can I find any discussions initiated by you on the development mailing list. Please follow the process if you wish to be taken seriously,” a prominent Twitter Bitcoiner, Jameson Lopp said in a tweet tagging the brains behind the campaign, including the accounts of Greenpeace, Chris Larsen, and Michael Brune of Sierra Club.

With the backlash received, it is obvious that many may reject the proposal from Larsen if at all it makes it down to the development mailing list. This may leave the Bitcoin community with the option of advocating for the embrace of renewable energy sources to appease staunch environmentalists.

Image source: Chris Larsen

Ripple Executives Cleared of SEC Charges in Landmark Decision

Ripple, a major player in the business blockchain and cryptocurrency solution markets, has made an important announcement about a successful court battle. Both of the company’s top executives, Brad Garlinghouse and Chris Larsen, were cleared of all allegations brought against them by the SEC. Following a vote, the Commission decided to reject these claims “with prejudice,” bringing to an official close a protracted legal struggle that had been going on since December 22, 2020 when it first began.

In a statement on the case, Garlinghouse said, “Rather than targeting criminals exploiting customer funds on offshore exchanges, the SEC pursued us, who are operating a regulated business within the United States.”

The Timeline of the Case

The Securities and Exchange Commission (SEC) initiated this action by filing a civil complaint against Ripple and its senior executives in the latter half of the year 2020. Although no claims of fraud were made, the primary contention was that XRP, the digital currency provided by Ripple, ought to have been registered as a security. This was the major point. An important turning point occurred in July 2023, when a court decided that XRP was not a security. This decision made it more difficult for the SEC to maintain its stance. After this, in October, a verdict was issued that denied the SEC’s request for an appeal, which further weakened their case.

Possible Consequences for the Cryptocurrency Industry

The regulatory environment for cryptocurrencies in the United States has been significantly impacted as a result of the hostile position taken by the SEC regarding Ripple. Recent sources indicate that as of the third quarter of 2023, approximately 90 percent of Ripple’s commercial operations are now carried out outside of the United States. Chris Larsen made the following observation about the situation: “We are legally vindicated, but the ordeal has raised serious industry-wide concerns.”

The Company’s Future Goals and Focus on the Global Market

Ripple has emphasised that its quest for a regulated crypto ecosystem in the United States is far from done, despite the fact that it has recently won a number of judicial triumphs. The company is continuing its proactive engagement in talks with politicians and regulators located all over the world in an effort to influence the future of digital assets in a responsible manner.

While Ripple is busy rejoicing over its most recent victory, the actions of the SEC have stoked discussions over the efficacy and clarity of regulatory oversight. The action involving Ripple might set a precedent for the SEC’s future contacts with other crypto firms, highlighting the need of a more unified approach to regulatory policy.

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