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Following
XRP In-depth interview with cryptocurrency billionaire Chris Larsen: Calls for passage of the CLARITY bill in response to the San Francisco surveillance controversy
Chris Larsen is one of the top business executives in the United States, best known as the co-founder of blockchain technology company Ripple. In 2012, he co-founded the company with Joe Laboriota.
On September 7, Larsson accepted an exclusive interview with journalist Kara Swisher to discuss the CLARITY Act and the public opinion backlash he had caused over his support for San Francisco surveillance technology.
Larson promotes passage of the CLARITY bill
The Digital Asset Market Clarity Act is the most comprehensive crypto asset regulatory legislation in the United States and aims to clearly distinguish the areas of responsibility of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Larson told Swisher that the Elizabeth Warren camp in the Biden administration, led by SEC Chairman Gary Gensler, is determined to block every piece of crypto legislation. He pointed out that regulators have adopted a "law enforcement to promote supervision" approach towards this "emerging" industry and even sued Ripple in 2020.
Although Ripple spent $150 million on a four-year defense and ultimately won the lawsuit (the court ruled that XRP itself was not securities), Larsson called the experience "brutal." In contrast, the Donald Trump administration supports cryptocurrencies, has passed the GENIUS Act to stabilize currency regulation, and is working to promote the more important CLARITY Act. He added that once the bill is passed, it will help distinguish securities from commodities.
Discussion on Official Profits
Swisher mentioned Trump's $1.4 billion profit from cryptocurrencies last year and asked Larson if there is any provision in the bill that would prevent government officials from using cryptocurrencies for profit.
Ripple's co-founder responded: "There is no doubt about it. The same goes for stock trading, and we see this happening on both parties."
Responding to San Francisco surveillance support controversy
Swisher also asked Larson to express his views on his support for surveillance technology used by the San Francisco Police Department. Larson is the founder of the San Francisco Police Community Foundation (SFPCF), a group dedicated to supporting local police.
Last year, SFPCF committed US$7.25 million to relocate and upgrade the department's real-time investigation center. It is a technology and surveillance hub that uses automatic license plate readers, drones and real-time video streaming to assist police in responding to crime. Larson himself contributed $2.15 million in lease funds and created the Real-Time Crime Response Center.
However, the San Francisco community has strongly criticized these surveillance technologies, particularly Flock Group's automatic license plate recognition and massive video surveillance systems. Last month, youth activist group Sunrise Movement protested outside Larsson's home, criticizing his support for surveillance technology.
Larson told Swisher that even his 19-year-old son was critical of him about the incident. "I can't believe you're doing surveillance. What are you doing?" Larsson quoted his son as saying.
The billionaire said he told his son the technologies would help reduce crime, but the Gen Z young man replied: "I'd rather have crime than surveillance."
Larson admitted that there is currently a lot of opposition to these technologies due to "negative news." According to reports, some police officers used Flock cameras to track their former partners. He believes that this is essentially a trade-off between public safety and privacy. He claims that San Francisco is doing a good job in this regard because the use of these technologies is based on specific events.
