During his highly anticipated speech at Ripple's Swell conference, which is currently taking place in San Francisco at the time of writing this article, former US President Bill Clinton weighed in on the current state of regulations regarding Blockchain and cryptocurrency. Clinton believes that over-regulation could eventually kill the “golden goose,” but at the same time, he expresses concerns about investor protection.
Recognizing the potential of Blockchain
Clinton and his former advisor Gene Sperling, who is currently a member of Ripple’s board of directors, engaged in a fruitful conversation that revealed where the high-profile politician stands on a variety of topics– from cyber security to gun laws. Of course, Blockchain, the disruptive technology that powers Ripple, was one of the focal points of their discussion. Clinton compared the growth of Blockchain to e-commerce craze in the late 90s.
Speaking of Blockchain technology, he also says that it is particularly valuable because it can be applied “across national borders” and “income groups.” Earlier, U.Today reported about Blockchain-powered identity card for Rohingya refugees. Another point that he has made concerns the disparity of access to a slew of state-of-the-art technologies, including AI, robotics and Blockchain.
What’s on the flip side?
Clinton also states that the nascent technology can be abused. Most probably, he is referring to speculations that cryptocurrencies facilitate terrorism. However, a recent Forbes report has effectively debunked this myth.
In terms of legal issues, Clinton, whose policies allegedly helped to propel the development of the Internet in the US, claims that an old regulatory framework is not suitable for such new technologies. In the end, the enforcement of inadequate regulations could “kill a goose that laid the golden egg,” but nobody wants to allow money laundering and scams.