Chris Larsen, Ripple co-founder and chairman of the payments technology companyÃ¢ÂÂs board of directors, said ChinaÃ¢ÂÂs Ã¢ÂÂitchingÃ¢ÂÂ to be the one that designs the next financial system and that the U.S. is Ã¢ÂÂwoefully behind.Ã¢ÂÂ
- Speaking at the LA Blockchain Summit last week, Larsen said the U.S. needs to face up to that itÃ¢ÂÂs in a tech cold war with China with the fate of control of the worldÃ¢ÂÂs financial system at stake. Right now, ChinaÃ¢ÂÂs winning, he said.
- Ã¢ÂÂChina is just itching to be the one that designs this next system,Ã¢ÂÂ Larsen said. Ã¢ÂÂTheyÃ¢ÂÂve committed $1.4 trillion to a variety of technologies and blockchain is right at the top of their list.Ã¢ÂÂÃÂ
- ItÃ¢ÂÂs not just that ChinaÃ¢ÂÂs pumping money into technology, the regulatory environment in the U.S. is actively discouraging financial innovation, he said.
- Ã¢ÂÂI just have to say it, in the U.S., all things blockchain, digital currency, they start and end with the SEC, Larsen said. Ã¢ÂÂInstead of pivoting to encouraging U.S. innovation to keep up, theyÃ¢ÂÂve done the opposite.Ã¢ÂÂ
- Ã¢ÂÂWeÃ¢ÂÂre going to have to change up here or weÃ¢ÂÂre going to lose our leadership, stewardship of the global financial system,Ã¢ÂÂ he said. Ã¢ÂÂThat would be a tragedy.Ã¢ÂÂ
- As CoinDesk reported at the time, Larsen also said his company could leave the U.S. if the regulatory environment doesnÃ¢ÂÂt improve.
See also: SEC Will Be Forced to Give Crypto Guidance Despite Bureaucracy, Risk-Avoidance: Peirce
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