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

The Canadian Press

Germany holds on to beat Ukraine for 1st Nations League win

KYIV, Ukraine — Germany finally won a Nations League game at the seventh attempt on Saturday, holding on to beat Ukraine 2-1 to ease the pressure growing on coach Joachim Löw.Defender Matthias Ginter and midfielder Leon Goretzka scored to give Löw’s team its first win in Group 4 of League A, its first of the year, and coming after three games including the friendly against Turkey in which it squandered leads to draw.“It was important that we were stable in defence and that we didn’t allow the opponent any chances,” Löw said.A late penalty from Ruslan Malinovskyi ensured another nervy ending, but a Ukraine side depleted by coronavirus cases and injuries was unable to draw level. Andriy Shevchenko’s side was thrashed by France 7-1 in their friendly on Wednesday.After drawing with Turkey 3-3 in Cologne the same day, Löw restored his regular players in Kyiv, building the team around the Bayern Munich “block” of Manuel Neuer, Niklas Süle, Joshua Kimmich, Goretzka and Serge Gnabry. Leipzig’s Lukas Klostermann and Marcel Halstenberg, and Real Madrid midfielder Toni Kroos also returned to the starting lineup.None of them were involved in the opening goal, however, down to good work from defender Antonio Rüdiger, who beat his marker and crossed low for Ginter to convert at the far post in the 20th minute. Gnabry tried a back-heel but failed to connect fully before the ball reached Ginter.It was far from convincing from the visitors, who remained prone to mistakes under pressure from the home side.“It was the case again that we gave the ball away too easily in several phases,” Löw said.A miscued back-pass from Ginter would likely have been punished by Shevchenko in his prime, but the Milan great, now

Henry Ford Health System announced Friday it will raise the minimum wage for most of its lowest-paid workers to $15 an hour. 



a car parked on the side of a road: Henry Ford West Bloomfield Hospital valet employee Kenneth Douglas, 31, of West Bloomfield, runs back to the main entrance after parking a car on Oct. 8, 2020. Douglas said a pay increase may relieve him of having to hold two jobs to make ends meet.


© Mandi Wright, Detroit Free Press
Henry Ford West Bloomfield Hospital valet employee Kenneth Douglas, 31, of West Bloomfield, runs back to the main entrance after parking a car on Oct. 8, 2020. Douglas said a pay increase may relieve him of having to hold two jobs to make ends meet.

The increase takes effect Sunday, and will boost the pay of more than 3,000 employees in at least 100 different types of benefits-eligible jobs, including food service workers, environmental services staff andnurse assistants, among others.

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Michigan’s minimum wage is $9.65 an hour.

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The pay increase is expected to cost the health system about $6 million annually, and is part of a multi-phase plan that is expected to include a general increase for other employees later this year.

“Our core mission is to improve people’s lives,” said Henry Ford President and CEO Wright Lassiter III. “We know that across so many sectors of our country, where you have team members who have who have hourly wage levels that may not provide them with a sense of economic security and prosperity as we all would want for our own family members, loved ones, etc., that organization needs to think about stepping up to make that kind of investment in their team members.



a man wearing a suit and tie: Henry Ford CEO Wright Lassiter III speaking at the new sports medicine center in the Henry Ford Detroit Pistons Performance Center Wednesday September 18, 2019 in Detroit Michigan.


© Kirthmon F. Dozier, Detroit Free Press
Henry Ford CEO Wright Lassiter III speaking at the new sports medicine center in the Henry Ford Detroit Pistons Performance Center Wednesday September 18, 2019 in Detroit Michigan.

“While we can’t assert that raising the wage to $15 as the minimum standard for

TOKYO — Trading on the Tokyo Stock Exchange was suspended Thursday because of a problem in the system for relaying market information. Most other Asian markets were closed for national holidays.

The Tokyo Stock Exchange said that all trading was stopped, including the benchmark Nikkei 225
NIK,
-0.00%
,
because of the problem, and will not resume for the rest of the day. It was unclear when it would be resolved and the system would be operating again.

Elsewhere, Australia’s S&P/ASX 200
XJO,
+0.98%

gained 1.5% in early trading. Trading was closed in South Korea and China for national holidays. Indexes in Singapore
STI,
+1.31%
,
Malaysia
FBMKLCI,
-0.62%

and Indonesia
JAKIDX,
+1.43%

rose.

Details on the Tokyo trading problems were not immediately available. Japan’s nationally circulated Asahi newspaper, without citing sources, said the cause was likely a mechanical failure.

The Tokyo Stock Exchange is the world’s third largest bourse after the New York Stock Exchange and Nasdaq, with market capitalization of nearly $6 trillion.

Previous outages occurred when the “arrowhead” system created by Fujitsu to handle its electronic trading became overwhelmed with too many orders at one time.

That’s what happened on Oct. 9, 2018, according to a release on the TSE’s website. But during that disruption, some backup systems for trading continued to function.

The exchange promised to investigate, conduct malfunction tests and change the system to ensure that a flood of orders would not cause the entire system to stop working. Several top executives of the exchange were penalized.

On Wall Street, prospects for additional support from Congress for the economy helped drive the day’s trading, as they have for weeks. The S&P 500 shot to a gain of as much as 1.7% after Treasury Secretary Steven Mnuchin spoke positively on CNBC before his afternoon talks with