Ripple Co-Founder Believes that U.S. Slow Response to Blockchain Could Be Catastrophe

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by Christopher Hamman · 3 min read
Ripple Co-Founder Believes that U.S. Slow Response to Blockchain Could Be Catastrophe
Chris Larsen. Photo: Ripple

Chris Larsen says that the development of organizations like Ripple is a way for the U.S. to go for the crypto space.

Ripple co-founder Chris Larsen is concerned about the U.S. regulatory response to blockchain technology. He indicated this during an interview with Wall Street journalist Paul Vigna. When asked about his views on Facebook‘s jumping into the crypto space Larsen said that Facebook “coming on board” was a major milestone.

He admitted that Facebook’s Libra project ran into “quite a bit of headwinds”. He also indicated that things had changed and that the emergence of Libra was a major factor that prompted the Chinese to come up with their Central Bank Digital Currency (CBDC).

Larsen explained this could “change the world”. He alluded to the fact the some of the early libertarian “propaganda from the true believers” of cryptocurrencies might not have come true. Larsen also indicated that it takes “many different attempts” and years to get things right.

As the Co-founder Ripple Chris also alluded to the great potential that the cryptocurrency space holds. He said that “all the promise is there”. He said that we are seeing “real-world” implications that today are changing the experience of billions of people.

Larsen thinks that there is “much more to come”. He spoke about the early days saying that in the early days from his time at e-loan “we didn’t know where we were going to go.

Larsen also spoke about the completion of globalization using logistics supply chains as an example. He said that this could be achieved using “blockchain and blockchain-like technology”.

Ripple Co-Founder Believes: Enterprise Technologies Are Key to Blockchain Adoption

He alluded to the fact that “globalization is incomplete” because “we are missing this key ingredient”. Larsen also believes that enterprise organizations like Ripple are the way to go for the crypto space. He said that “we are an enterprise company” and “enterprise is the way” that adoption will spread fast.

He said that the United States has been “slow to the game” when it comes to working with and regulating the cryptocurrency and blockchain industries.

Chris noted that the U.S. has to change its perceptions concerning blockchain and cryptocurrencies. He indicated that the industry is past the 2017-2018 bubble era.

Larsen said that the battle against serious and fraudulent initial coin offerings (ICO) is essentially over. He said that regulators must get involved in the industry so that the U.S. can compete favorably against China.

He warned that if the regulators don’t get their act together concerning blockchain, cryptocurrencies, and related technologies, the country could face a potential catastrophe. He stated that China having control over the global financial system will be bad for the U.S.

This could be a future where China runs things and Larsen has said that the U.S. should increase its involvement in the crypto space and provide the required competencies.

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