With the American people set to vote for their next President on November 8th, CEO of Ripple, Chris Larsen, revealed why the next leader of the country needs to consider putting fintech in their agenda.
Larsen stated in a blog post on Thursday that while the presidential debates have given the country a great deal to think about, there are still some important things, like fintech, that have yet to be addressed by the presidential candidates. He commented that the candidates have discussed cybersecurity, he still believes the next president should be informed about fintech:
“The next president needs to have fintech on their agenda. Distributed financial technology provides us a pivotal, breakthrough moment and the nation that moves fastest to seize it will have leadership in the Internet of Value. If we are to stay on top economically, if we are to find a way to close the gap of economic inequality, this is the key. New technologies like blockchain will be a catalyst to increase financial inclusion and lower the barriers to commerce.”
In an effort to help fintech become more of an issue in the U.S., Larsen suggested that the next president should appoint a fintech advisor to ensure that the White House has a firm grasp on the fintech industry. He added:
“Since the crisis of 2008, consumer protections have been uncoordinated and applied inconsistently at times. In their eagerness to protect American consumers, regulators can unintentionally paralyze positive innovation. Our next president must have reliable expert advice to temper that instinct, and to seize this crucial moment. When I look at the future of this incredibly powerful technology, I’m confident that the Internet of Value will be truly transformative. But we can’t do it alone. We need the support of a well-informed administration in Washington to maintain our lead. When it comes to fintech, this race is ours to lose.”