Chris Larsen on Ripple, XRP and the SEC. In one of our Ripple news last week, we talked about Ripple’s plans to relocate if the United States regulatory authorities don’t offer a clear framework for the cryptocurrency industry.
Larsen said that the SEC provided much-needed clarity for Bitcoin and Ethereum last year but failed to do the same for the XRP token. In his words;
“Unfortunately, I just think the US is woefully behind in kind of stepping up to what is going to be the next generation of the global financial system. We’ve been in this incredibly fortunate position where the US has been the steward of the global system. We’re 20% roughly of the global GDP but the dollar makes up 80% of all trades, probably even more than that. “That goes across the spectrum – communications, surveillance, big data, AI, but also blockchain and digital assets. The reason is that China has recognized that those technologies are the keys to who’s going to control the next-gen financial system.
We all know that the financial system we have today is creaky. It’s old. It’s from the 70s. Swift and correspondent banking are not going to be the system that we’re going to be living within the next two decades – way too slow, error-prone. It’s too closed off. It’s too expensive. China is just itching to be the one that designs this next system. They’ve committed $1.4 trillion to a variety of technologies and blockchain is right at the top of their list. I just have to say it, in the US, all things blockchain, digital currency, they start and end with the SEC…
Instead of pivoting to encouraging US innovation to keep up, they’ve done the opposite. They gave Bitcoin and Ethereum a pass – the proof-of-work system that benefits China, weirdly. Everything else is still in limbo or worse, kind of being regulated through enforcement.
The message there is ‘Blockchain, digital currencies are not welcome in the US.’ You want to be in this business, you probably should be going somewhere else. We’re going to have to change up here or we’re going to lose our leadership, stewardship of the global financial system. That would be a tragedy.”
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
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Ripple News Today – Ripple’s flagship product has always been the XRP token. Even if their on-demand service is the price jewel in the blockchain financial sector, XRP will always be their figurative first child. Unfortunately, reaching global adoption has been difficult for Ripple. One of the major factors that have prevented Ripple from making this progress is regulatory clarity. During his recent interview, Ripple’s top executive, Chris Larsen said that the United States SEC is hindering progress for the company and the XRP token.