The COVID-19 pandemic has affected the markets and economy like few single events in recent history. Everything changed after the pandemic hit -- markets turned from bull to bear, entire industries were obliterated, millions of jobs were lost, and the U.S. plunged into recession
Chris Larsen, Ripple co-founder and chairman of the payments technology companyâÂÂs board of directors, said ChinaâÂÂs âÂÂitchingâ to be the one that designs the next financial system and that the U.S. is âÂÂwoefully behind.âÂÂ
Speaking at the LA Blockchain Summit last week, Larsen said the U.S. needs to face up to that itâÂÂs in a tech cold war with China with the fate of control of the worldâÂÂs financial system at stake. Right now, ChinaâÂÂs winning, he said.
âÂÂChina is just itching to be the one that designs this next system,â Larsen said. âÂÂTheyâÂÂve committed $1.4 trillion to a variety of technologies and blockchain is right at the top of their list.âÂÂÃÂ
ItâÂÂs not just that ChinaâÂÂs pumping money into technology, the regulatory environment in the U.S. is actively discouraging financial innovation, he said.
âÂÂI just have to say it, in the U.S., all things blockchain, digital currency, they start and end with the SEC, Larsen said. âÂÂInstead of pivoting to encouraging U.S. innovation to keep up, theyâÂÂve done the opposite.âÂÂ
âÂÂWeâÂÂre going to have to change up here or weâÂÂre going to lose our leadership, stewardship of the global financial system,â he said. âÂÂThat would be a tragedy.âÂÂ
As CoinDesk reported at the time, Larsen also said his company could leave the U.S. if the regulatory environment doesnâÂÂt improve.
Chris Larsen, Ripple co-founder and chairman of the payments technology companyâÂÂs board of directors, said ChinaâÂÂs âÂÂitchingâ to be the one that designs the next financial system and that the U.S. is âÂÂwoefully behind.âÂÂ
Speaking at the LA Blockchain Summit last week, Larsen said the U.S. needs to face up to that itâÂÂs in a tech cold war with China with the fate of control of the worldâÂÂs financial system at stake. Right now, ChinaâÂÂs winning, he said.
âÂÂChina is just itching to be the one that designs this next system,â Larsen said. âÂÂTheyâÂÂve committed $1.4 trillion to a variety of technologies and blockchain is right at the top of their list.âÂÂÃÂ
ItâÂÂs not just that ChinaâÂÂs pumping money into technology, the regulatory environment in the U.S. is actively discouraging financial innovation, he said.
âÂÂI just have to say it, in the U.S., all things blockchain, digital currency, they start and end with the SEC, Larsen said. âÂÂInstead of pivoting to encouraging U.S. innovation to keep up, theyâÂÂve done the opposite.âÂÂ
âÂÂWeâÂÂre going to have to change up here or weâÂÂre going to lose our leadership, stewardship of the global financial system,â he said. âÂÂThat would be a tragedy.âÂÂ
As CoinDesk reported at the time, Larsen also said his company could leave the U.S. if the regulatory environment doesnâÂÂt improve.
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