Bill Clinton Warns Against Enforcing Strict Laws On Blockchain Technology
His sentiments come at a time when the issue of regulations is gaining momentum in many jurisdictions.
Bill Clinton On Relaxing Laws Around Blockchain
Former U.S. President Bill Clinton has stressed on the importance of relaxing laws when it comes to emerging technologies like blockchain. He made the remarks during a forum in California by Ripple’s Swell.
Clinton was the keynote speaker during the conference. He was joined by Gene Sperling, his former advisor when he was president. At the moment, Sperling is a member on Ripple’s board. Last year, ex-Federal Reserve head Ben Bernanke was the main speaker.
A look at Ripple’s recent activity, there is a clear indication that the firm is reaching out to different circles as it seeks to grow its base. In late September, reports indicated that Ripple had joined hands with other firms to set up the SAIV. The group is geared towards facilitating its Washington DC-based company partly XRP.
There was a question and answer session where Clinton and Sperling discussed numerous issues. They focused on matters like the cyber threats facing the US, gun control and his recent book.
Clinton’s remarks on the blockchain are of most interest. He addressed the inadequate access to networks like the blockchain during the development stage. He singled out the e-commerce platforms that emerged during the late 20th century. Clinton said that such platforms are parallel. He pointed out that as the world advances to new technology, many people feel the disparity of access.
Clinton Warns On Violation of New Technology
The former Head of State further noted that new technologies are open to being abused. He singled out crimes related to cryptos like terrorism and money laundering. As a remedy, Clinton said that we need to have intelligent efforts to figure out the negative side of this technologies. Interestingly, he said that old regulations cannot be used to regulate emerging technologies.
He hailed the blockchain stating it’s borderless feature gives it a great potential going into the future. Clinton added that the technology offers great opportunities but can be destroyed by poor policies. At the moment, most countries are working round the clock to establish effective regulations for the industry.