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Ripple's Larsen Says US Risks Losing Stewardship of Global Financial System to China, Disses SEC
Chris Larsen said China's "itching" to be the one that designs the next financial system, and that the U.S. is "woefully behind."
Updated Sep 14, 2021, 10:07 a.m. Published Oct 11, 2020, 3:56 p.m.
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."
STORY CONTINUES BELOW
- Speaking at the LA Blockchain Summit last week, Larsen said the U.S. needs to realize 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, referring to the Securities and Exchange Commission. "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 may 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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