Chris Larsen, the Ripple co-founder, and chairman is a pity on the U.S. financial system. He calls China an “itching” element and the U.S. as “woefully behind” in terms of regulatory and financial measures.
The Chairman on attending the LA Blockchain Summit the previous week claim that the U.S. needs to be ready to face the tech cold war with China. The reason is to control the destiny of the financial system across the globe. As of now, China is taking the lead and this may create hindrance for other nations and especially for the U.S.
Larsen said, “China is just itching to be the one that designs this next system.”He further states “They’ve committed $1.4 trillion to a variety of technologies and blockchain is right at the top of their list.”
Moreover, he showed his concern for the U.S. financial system and said that China is not only financing money into the technology rather the regulatory measures and the prevailing ecosystem is continuously discouraging the financial measures.
He further adds “I just have to say it, in the U.S. all things blockchain, digital currency, they start and end with SEC. 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. That would be a tragedy.”
At last, Larsen also states that his company may leave the U.S. if the regulatory environment doesn’t improve on time. Well, the U.S. regulatory department shall take this as a warning if they want Ripple company to stay with them.
Not just with Ripple, if the country faces the poor regulatory governance for the long-run many other companies might plan to exit the nation and look for better opportunities. This is high time for the U.S. to take strict action and protect themselves from China’s cold war.