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Bill Clinton: excess regulation could kill Blockchain's gold goose

Former US president, Bill Clinton, took to the stage at a cryptocurrency industry conference on Monday to offer warning words to lawmakers seeking to regulate what he called promising technological progress.

On the stage at Ripple's Swell conference in San Francisco, Clinton was joined by Gene Sperling, a former White House advisor who sits on Ripple's board of directors. Clinton – who served as president of the United States between 1993 and 2001 – was the main speaker of the event, which saw former Federal Reserve Chairman Ben Bernanke take the stage last year .

In fact, in the last months the company has pushed towards the plant environments with particular enthusiasm. Just a few days ago, it was reported that Ripple and others had created the Internet of Value Coalition of Securing America (SAIV), a defense group that will pay its DC lobbying company partly in XRP.

During the question and answer session with Sperling, Clinton touched on a wide range of topics such as the cybersecurity challenges facing the US government. He also discussed topics apparently out of the bounds of a financial technology conference, including arms laws, foreign policy and his recently published novel.

Yet perhaps the most important thing for Swell's audience was the observation of Clinton on "unequal access" to new technologies such as blockchain as they develop and grow, pointing to the emergence of e-solutions. -commonds at the end of the years & # 90; as a parallel.

Clinton noted:

"The more we develop new technologies like blockchain … AI technologies, robotic technologies … the greater the access gap will be felt".

He also acknowledged the feeling that new technologies can be abused, alluding to the concerns that cryptocurrencies can be used by terrorists or other criminals to launder money. Referring to similar concerns about technologies such as the Global Positioning System (GPS), Clinton noted that "there must be a smart effort to identify the negative sides" and that "it is not possible to apply [an] old regulatory regime to a new technology. "

"You end up killing the goose that laid the gold egg," he went on to add.

On the subject of the blockchain itself, Clinton noted that "the whole blockchain agreement has the potential it does only because it is applicable across national borders, income groups".

He went on to say:

"The permutations and possibilities are incredibly large, but we could ruin everything with negative identity policies and economic and social policies."

Image by David Floyd for CoinDesk


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