Billionaire Chris Larsen is one of the top business executives in the U.S., best known for co-founding the blockchain technology company, Ripple, in 2012. On Sep. 7, he sat down for an interv
Billionaire Chris Larsen is one of the top business executives in the U.S., best known for co-founding the blockchain technology company, Ripple, in 2012.
On Sep. 7, he sat down for an interview with journalist Kara Swisher to discuss the CLARITY Act and the backlash to his support for surveillance technology in San Francisco.
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The Digital Asset Market Clarity Act is the most comprehensive legislation to regulate crypto assets in the U.S., which aims to designate distinct responsibilities to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Larsen told Swisher that the Elizabeth Warren wing of the Joe Biden administration, with Gary Gensler as the SEC chair, was determined to block every piece of crypto legislation. They followed a "regulation by enforcement" approach to a "novel" industry and even sued Ripple in 2020, he recalled.
Chris Larsen, chairman and co-founder of Ripple Labs Inc., in San Francisco, California, US, on Tuesday, April 14 2026.Getty Images
Though Ripple spent $150 million to defend itself over four years and eventually won the case (the court ruled that XRP, in itself, was not a security), Larsen called the whole experience "brutal."
In contrast, the Donald Trump administration is pro-crypto which has passed the GENIUS Act to regulate stablecoins and is now working to pass the more important CLARITY Act, he said. Once passed, the bill would help distinguish between a security and a commodity, he added.
Swisher brought up the case of Trump making $1.4 billion from crypto last year and asked Larsen about any scope in the bill to prevent government officials from profiting off cryptocurrencies.
"I think, no question. Same with stock trading. We see that in both parties," the Ripple co-founder responded.
Swisher also asked Larsen to address his support for surveillance technology to help assist the San Francisco Police Department.
Larsen is the founder of the San Francisco Police Community Foundation (SFPCF), an organization supporting the police department.
The SFPCF last year committed $7.25 million toward relocating and upgrading the department’s Real-Time Investigations Center, a tech and surveillance hub that utilizes automated license-plate readers, drones, and real-time video feeds to assist the police in responding to crimes. Larsen had himself contributed $2.15 million in lease funding and creating a hub for real-time crime response.
But the San Francisco community has sharply criticized the surveillance technology, in particular Flock Group's automated license plate recognition and mass video surveillance systems.
Last month, a youth activist group called the Sunrise Movement protested outside Larsen's home to criticize his support for surveillance technology.
Members of the Sunrise Movement, a youth climate group, gathered outside the home of cryptocurrency billionaire Chris Larsen, criticizing his support for surveillance technology and arguing that public safety resources should be directed elsewhere. https://t.co/c2CidHxoGe
— ABC7 News (@abc7newsbayarea) August 23, 2026
Larsen told Swisher that even his 19-year-old son gives him a hard time over this subject.
"I can't believe you're doing the surveillance thing. What are you doing?" the Ripple co-founder quoted his son.
The billionaire said he told his son that the technology helps reduce crime, but the Gen Zer replied, "I'd rather have the crime than the surveillance."
Larsen admitted there is a lot of opposition to these technologies right now due to "bad press." There are reports of some police personnel using Flock cameras to stalk their ex-partners.
The whole thing is about a trade-off between public safety and privacy, and San Francisco is doing well on this front, where the usage of these technologies is incident-based, he claimed.
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