Ripple’s executive chairman has slammed US lawmakers for losing the blockchain arms race to China
Speaking at the LA Blockchain Summit conference on October 6, Ripple co-founder, Chris Larsen, slammed the United States for falling behind in the race to design “the next generation of the global financial system.”
The address expanded on some of Larsen’s frustrations with US regulations that has led to the company considering moving to a different jurisdiction.
Larsen argues the US has fallen “woefully behind” in the ongoing “tech cold war with China,” asserting that China’s central government has outpaced American lawmakers in providing legislative clarity, allocating resources, building infrastructure, and fostering innovation in blockchain and other emerging technologies, including big data, surveillance, and A.I.
“China has recognized that those technologies are the keys to who is going to control the next gen financial system [...] SWIFT and correspondent banking is not going to be the system we are going to be living with over the next two decades.”
The Ripple co-founder emphasized the failure of the United States to embrace initiatives to digitize the dollar, noting that China is “way ahead on a central bank digital currency” (CBDC).
