Over-Regulation Can Kill The Golden Goose of Blockchain: Former US President Bill Clinton
Over-Regulation Can Kill The Golden Goose of Blockchain: Former US President Bill Clinton
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Ripple’s Swell event in San Francisco had a number of interesting tales to be told. Besides serving as the launchpad for company’s xRapid product solution, the event also allowed Former US President Bill Clinton to warn US policymakers regarding their approach towards blockchain regulation. He was the most high-profile speaker at Swell, so his comments obviously had the ears of whole crypto community. And he, knowing the fact, delivered some words of wisdom to regulators in favor of blockchain technology. He said:

“This whole blockchain deal has the potential it does only because it is applicable across national borders, income groups. The permutations and possibilities are staggeringly great. But we could ruin it all by negative identity politics and economic and social policy.”

At the same time, however, he also acknowledged the challenges that cryptocurrencies pose and why a new regulatory approach is required to take on those challenges. He said:

“I think it’s very important that people like you who live on the edge of this will not get so carried away with the immediate financial rewards and sense of empowerment that you forget that one rule nobody’s repealed is that if things sound too good to be true they probably are. In a modern world you need a way of determining that and hedging against it without killing the goose that laid the golden egg. That means you have to be clever about what regulatory or other structures that you set up.”

President Clinton also commented about the disparity of access that comes with developing new technologies like blockchain. He said:

“The more you develop new technologies like blockchain… AI technologies, robotic technologies … the more the disparity of access is going to be felt.”

While making these comments Mr. Clinton was also joined by Former White House advisor Gene Sperling, who sits on the Board of Ripple. Sperling had served as Financial advisor to White House between 1993 – 2001 during President Clinton’s term, and later between 2011 – 2014 during President Obama’s term. Ripple has been trying to increase its lobbying power with a lot of enthusiasm over the course of last few months, and inviting President Clinton is also a part of that strategy. Let’s see what other steps company takes to accomplish this in the coming days. For now it’s clear that in the circle of policymakers President Clinton is on Ripple’s side!

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