• rippleXRP$0.3019477.76%

Ripple Exec: Slow Response on Blockchain Could be ‘Potential Catastrophe’ for US – Cointelegraph

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If regulators fail to provide more clarity on blockchain, cryptocurrencies and the supporting technologies that will power the next-generation global financial system, the U.S. could face a potential catastrophe, Larsen warned.In a recent interview with Wall Street Journal reporter Paul Vigna, Ripple’s co-founder and executive chairman Chris Larsen said that the United States has been “slow to the game” in terms of experimenting, implementing and regulating the blockchain and cryptocurrency industry.According to Larsen, U.S. regulators have so far only helped China get ahead by “officially giving clarity to the two protocols effectively controlled by Chinese miners: Bitcoin and Ethereum.”He further warned that in such a case, China may curb America’s power to make defense payments to its allies or block American banks and companies with a low “Chinese social credit score” and control the settlement time for their payments.

Headed toward a tech cold war

Larsen said that the U.S. must change its viewpoint toward blockchain and cryptocurrency, as the industry is already past the 2017 and 2018 hype. The war against initial coin offering scams is won, he said, and now regulators must address the industry so that they can compete with China’s blockchain and cryptocurrency progress.China is quite visibly ahead of the U.S. when it comes to adopting and investing in blockchain and digital currency. As the two countries head into a technology cold war, China having control over the global financial system can prove devastating for the financial power held by the U.S. today, said Larsen. 

Even if there was
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