Clinton Warns Against Blockchain Over-Regulation

Bill Clinton: Over-Regulation Could Kill Blockchain’s Golden Goose

Former U.S. President Bill Clinton took the stage in a cryptocurrency business summit Monday to provide words of caution to lawmakers trying to regulate exactly what he characterized as a promising tech progress.

Clinton — who functioned as U.S. president between 1993 and 2001 — has been the best speaker in the event, which saw former Federal Reserve seat Ben Bernanke take the point this past year.

Indeed, the business was pushing into institution circles with special excitement in recent months. Only days before, it had been noted that Ripple and many others had established the Securing America’s Web of Value Coalition (SAIV), an advocacy group which will cover its DC lobbying company partially in XRP.

Throughout the question-and-answer session with Sperling, Clinton touched on a vast assortment of topics like the cybersecurity challenges confronting the U.S. government. In addition, he discussed issues apparently outside the boundaries of a monetary technology summit, such as gun legislation, foreign policy and his newly published novel.

Yet perhaps most important for the audience in Swell has been Clinton’s opinion about the”disparity of access” to new technologies such as blockchain as they grow and develop, pointing towards the development of e-commerce solutions from the late 1990s as a parallel.

Clinton commented:

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

In addition, he acknowledged the belief that new technologies could be mistreated, hinting in the worries that cryptocurrencies may be employed by terrorists or other criminals to launder money. Referring to similar issues over technology such as the Global Positioning System (GPS), Clinton noted that”there has to be a smart attempt to recognize the drawbacks” which”you can not employ [an] old regulatory regime to a different technology.”

“You wind up killing the goose which laid the golden egg,” he proceeded to include.

On this issue of blockchain itself, Clinton commented that”this entire blockchain deal has the possibility that it does just as it’s related across national borders, income bands ”

He went on to state:

“The permutations and possibilities are staggeringly great. But we could ruin it all by negative identity politics and economic and social policy.”

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