Ripple’s Larsen Says US Risks Losing Stewardship of Global Financial System to China, Disses SEC

Chris Larsen, Ripple co-founder and chairman of the payment technology company's board of directors, said China's "itch" is creating the next financial system and the US is "woefully behind."
Speaking at the LA Blockchain Summit last week, Larsen said the US needs to recognize that this is a technical “cold war” with China that puts the fate of control over the world's financial system at stake. At the moment China is winning, he said.
"China is just itching to develop the next system," said Larsen. "They've allocated $ 1.4 trillion to a variety of technologies, and blockchain is high on their list."
It's not just that China is pumping money into technology, the regulatory environment in the US is actively negatively impacting financial innovation, he said.
"I just have to say that everything in the US that has to do with blockchain and digital currency begins and ends with the SEC," said Larsen, referring to the Securities and Exchange Commission. "Instead of encouraging US innovation to keep up, they did the opposite."
"We have to change up here or we will lose our leadership, the administration of the global financial system," he said. "That would be a tragedy."
As CoinDesk reported at the time, Larsen also said that his company could leave the US if the regulatory environment doesn't improve.
See also: SEC will be forced to issue crypto guidelines despite bureaucracy, risk avoidance: Peirce
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Ripples Larsen Says U.S. Risks Are Losing Management Of The Global Financial System To China, Disses SEC
Ripples Larsen Says U.S. Risks Are Losing Management Of The Global Financial System To China, Disses SEC
Ripples Larsen Says U.S. Risks Are Losing Management Of The Global Financial System To China, Disses SEC
Ripples Larsen Says U.S. Risks Are Losing Management Of The Global Financial System To China, Disses SEC

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