Ripple: only bitcoin and etherium recognized by the US

12. Oktober 2020 0 Comments

Chris Larsen, Chairman of the Board of Directors of Ripple, expressed the opinion that the USA is restraining the growth of all cryptographic assets that are not classified as Bitcoin (BTC) or Ethereum (ETH).

Speaking at the Los Angeles Blockbuster Summit, co-founder Ripple expressed concern that the US risks losing its leading position in the global financial system:

„I think that the US is lagging far behind in its transition to what is called the next generation of the global financial system. We found ourselves in this incredibly successful position when the US was the steward of the global system. Ha, we account for about 20% of global GDP and the dollar accounts for 80% of all transactions, perhaps even more.

Larsen thinks that the US should recognize the existence of the Cold War with China, where the Asian country has a certain advantage:

„This applies to all areas – communications, surveillance, big data, artificial intelligence, as well as blockades and digital assets. The reason is that China has recognised that these technologies are key to controlling the next generation of financial systems“.

He added as well:

„Bce we know that the current financial system is unstable. It is outdated like the 70’s. Fast and correspondent banking is not the system we will be living with in the next two decades because it is too slow and prone to error. And it is too closed and expensive. China is in a hurry to become a developer of this next system. The country has invested $1.4 trillion in various technologies, and the block man is at the top of their list.

In addition, a top manager at Ripple noted that the Securities and Exchange Commission (SEC) cannot stimulate innovation in the area of blockades:

I have to say that in the US everything about block, digital currency starts and ends with the SEC’s position… Instead of encouraging American innovations to keep up, they do the opposite. They have missed the bitcoin and the Proof-of-Work airwaves, which, strangely enough, benefit China.

In his opinion, everything else is still suspended or, worse, forcibly regulated. It is for this reason that he stated that Ripple could change jurisdiction.