- China’s President Xi Jinping recently praised blockchain technology during a meeting.
- Ripple also revealed its new office to educate policymakers about blockchain.
Ripple founder Chris Larsen recently stated that the US regulators are facing pressures to act following Chinese President Xi Jinping’s positive endorsement of blockchain technology. In an interview at the San Francisco Blockchain Week, Larsen stated that the US needs to create clear guidelines that support emerging fintech solutions. He said:
It’s another phenomenal move… This is big news because it’s a big organization saying that this is critically important technology.
And I think now with China’s move, putting that on the list of critical technologies right up there with AI and quantum computing, that’s huge. I think that’s probably a watershed moment. I think what it means, though, is obviously the US regulators have got to step up.
Larsen highlighted the role played the nation in adopting and supporting the internet as a guide for how regulators should embrace blockchain. According to him, the regulators are taking longer to act due to complications while dealing with banks and financial institutions. Larsen further added:
There was a critical moment in ’97, when regulators laid out a framework [for the internet]. And that’s kind of what you need here, and we haven’t done that yet.
The other difference, though, is finance is just way more complicated than when we’re just dealing with data. Way more complicated. Words can [only] do so much, but money can buy bullets.
The consequences are more severe. I get that, I respect that it’s a really hard thing. But we’ve got to step it up. And with China’s announcement now, I think we’re really in danger of falling behind and sending more companies abroad.
Ripple also made public its new office in Washington, D.C. last month as an effort to educate policymakers about blockchain. Moreover, a former counselor to the Secretary at the US Treasury Department, Craig Phillips will join Ripple’s board of directors. He will assist Ripple in pushing for regulations that support rather than stifle the emerging industry.