United States’ lack of regulatory clarity could push jobs, innovation overseas
At Ripple’s 2019 UBRI Connect event, Director of the Blockchain Association, Kristin Smith, spoke to Ripple’s Global Head of Government Relations, Michelle Bond, about how educating and collaborating with policymakers is the key to technological innovation in blockchain. They also spoke about legislative developments in the digital assets space, while also addressing what can be expected as the industry continues to grow. According to Smith,
“When a new transformative technology comes along, it takes time for the regulations to keep pace. The mission of the Blockchain Association and its members, which includes Ripple, is to be a unified voice of the industry and to educate and collaborate with policymakers to advance trust, transparency and safety of distributed technologies and services.”
Smith also spoke about policymakers expressing concerns that stem from a lack of understanding, and how once they are educated and brought to a point of clarity, there will be increased interest in finding the right public policy to fix today’s problems. According to the Blockchain Association Director, it is important for the industry to collaborate and educate policymakers around the world to advance consumer protection initiatives, while also allowing innovation to prosper. She added,
“This is very much a technical and in the weeds type of discussion and policy. You really have to dig in and narrow in on the issues to produce thoughtful solutions.”
Smith also spoke of how a lack of regulatory clarity could push innovation, tax revenues, and jobs overseas.
“I’m very worried and I don’t think that is an irrational or paranoid viewpoint to take. Companies, even within members of the Blockchain Association, are moving their operations overseas because there are strong consumer protections in place and certainty in those regulatory frameworks.”
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Manu Naik, Khareem Sudlow