Ripple Executive Chairman Chris Larsen

Chris Larsen, Ripple co-founder and chairman of the payments technology company’s board of directors, said China’s “itching” to be the one that designs the next financial system and that the U.S. is “woefully behind.”

  • Speaking at the LA Blockchain Summit last week, Larsen said the U.S. needs to face up to that it’s in a tech cold war with China with the fate of control of the world’s financial system at stake. Right now, China’s winning, he said.
  • “China is just itching to be the one that designs this next system,” Larsen said. “They’ve committed $1.4 trillion to a variety of technologies and blockchain is right at the top of their list.” 
  • It’s not just that China’s pumping money into technology, the regulatory environment in the U.S. is actively discouraging financial innovation, he said.
  • “I just have to say it, in the U.S., all things blockchain, digital currency, they start and end with the SEC, Larsen said. “Instead of pivoting to encouraging U.S. innovation to keep up, they’ve done the opposite.”
  • “We’re going to have to change up here or we’re going to lose our leadership, stewardship of the global financial system,” he said. “That would be a tragedy.”
  • As CoinDesk reported at the time, Larsen also said his company could leave the U.S. if the regulatory environment doesn’t improve.

See also: SEC Will Be Forced to Give Crypto Guidance Despite Bureaucracy, Risk-Avoidance: Peirce

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Ripple Executive Chairman Chris Larsen

Chris Larsen, Ripple co-founder and chairman of the payments technology company’s board of directors, said China’s “itching” to be the one that designs the next financial system and that the U.S. is “woefully behind.”

  • Speaking at the LA Blockchain Summit last week, Larsen said the U.S. needs to face up to that it’s in a tech cold war with China with the fate of control of the world’s financial system at stake. Right now, China’s winning, he said.
  • “China is just itching to be the one that designs this next system,” Larsen said. “They’ve committed $1.4 trillion to a variety of technologies and blockchain is right at the top of their list.” 
  • It’s not just that China’s pumping money into technology, the regulatory environment in the U.S. is actively discouraging financial innovation, he said.
  • “I just have to say it, in the U.S., all things blockchain, digital currency, they start and end with the SEC, Larsen said. “Instead of pivoting to encouraging U.S. innovation to keep up, they’ve done the opposite.”
  • “We’re going to have to change up here or we’re going to lose our leadership, stewardship of the global financial system,” he said. “That would be a tragedy.”
  • As CoinDesk reported at the time, Larsen also said his company could leave the U.S. if the regulatory environment doesn’t improve.

See also: SEC Will Be Forced to Give Crypto Guidance Despite Bureaucracy, Risk-Avoidance: Peirce

Related Stories

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source Article

U.S. Securities and Exchange Commissioner (SEC) Hester Peirce, well known for her pro-cryptocurrencies views, said increased interest in the space will necessarily force the regulatory body to shift toward a more accommodating stance, according to a recent interview with Cointelegraph.

  • “While we’ve been very slow in giving guidance, there is more and more interest from a wide spectrum of people, both inside the crypto space as well as inside the traditional financial institutions who are asking us for guidance,” Peirce said.
  • “So I think we’re going to be forced to confront that more and more in the coming years.”
  • Peirce also said that pro-crypto moves in the U.S. by the Commodity Futures Trading Commission and the Office of the Comptroller of the Currency as well as actions by regulators in other countries are also slowly prodding the SEC into action.
  • While there are a lot of people at the SEC who want the body to become more innovation-friendly, the regulator’s bureaucracy acts as an impediment to change and discourages risk-taking, Peirce said. The number of people interested in innovation and in crypto at the SEC is “growing,” she said.
  • The commissioner also said Congress needs to be thinking about smart contracts and decentralized finance so it can give the SEC directives on how it wants the regulator to handle them.
  • Peirce said that while she hopes the SEC will revisit its decisions to reject BTC Exchange-Traded Funds, she declined to predict whether the regulator will ever approve them, saying the SEC seems to have made up its own standards just for BTC.
  • Though the commissioner called the prospect of a digital dollar “likely,” that’s not where she says the real action is.
  • “I think a lot of the really interesting innovation is happening outside sort of the central bank digital

General Electric shares edged higher Wednesday, but trailed broader market gains as investors reacted to the possibility of legal action linked to a Securities & Exchange Commission probe into some of its accounting practices.



a sign on the side of a building: General Electric Gets SEC Wells Notice Amid Insurance Accounting Probe


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General Electric Gets SEC Wells Notice Amid Insurance Accounting Probe

GE said Tuesday that it had received a so-called Wells Notice from the SEC that indicate authorities are looking into how the industrial group accounted for the run-off of some of its legacy insurance businesses that sat inside its GE Capital division.

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The SEC probe was triggered by a January 2018 move to take a $6.2 billion charge to its fourth-quarter earnings linked to weakness in its North American Life & Health insurance portfolio under then-CEO John Flannery.

GE also said at the time that GE Capital, its financing arm, would make $15 billion payments over the next seven years in order to shore up NALH’s statutory reserves, starting with around $3 billion in the first quarter of this year, and approximately $2 billion annually from 2019 to 2024.

“The Wells notice is neither a formal allegation nor a finding of wrongdoing. It allows GE the opportunity to provide its perspective and to address the issues raised by the SEC staff before any decision is made by the SEC on whether to authorize the commencement of an enforcement proceeding,” the company said in a statement Tuesday. “GE disagrees with the SEC staff with respect to this recommendation and will provide a response through the Wells notice process.”

“If the SEC were to authorize an action against GE, it could seek an injunction against future violations of provisions of the federal securities laws, the imposition of civil monetary penalties, and other relief within the Commission’s authority,” the company added. “The results of the

General Electric  (GE) – Get Report shares edged higher Wednesday, but trailed broader market gains as investors reacted to the possibility of legal action linked to a Securities & Exchange Commission probe into some of its accounting practices.

GE said Tuesday that it had received a so-called Wells Notice from the SEC that indicate authorities are looking into how the industrial group accounted for the run-off of some of its legacy insurance businesses that sat inside its GE Capital division.

The SEC probe was triggered by a January 2018 move to take a $6.2 billion charge to its fourth-quarter earnings linked to weakness in its North American Life & Health insurance portfolio under then-CEO John Flannery. 

GE also said at the time that GE Capital, its financing arm, would make $15 billion payments over the next seven years in order to shore up NALH’s statutory reserves, starting with around $3 billion in the first quarter of this year, and approximately $2 billion annually from 2019 to 2024.

“The Wells notice is neither a formal allegation nor a finding of wrongdoing. It allows GE the opportunity to provide its perspective and to address the issues raised by the SEC staff before any decision is made by the SEC on whether to authorize the commencement of an enforcement proceeding,” the company said in a statement Tuesday. “GE disagrees with the SEC staff with respect to this recommendation and will provide a response through the Wells notice process.”

“If the SEC were to authorize an action against GE, it could seek an injunction against future violations of provisions of the federal securities laws, the imposition of civil monetary penalties, and other relief within the Commission’s authority,” the company added. “The results of the Wells notice and any enforcement action are unknown