Bill Clinton, a popular and former U.S. President took the stage as the keynote speaker at the Swell conference organized by Ripple where he aired his views regarding the cryptocurrency industry, blockchain technology and his opinions on current market regulations.
During the event held in San Francisco, President Clinton who was joined by former white house adviser Gene Sperling; gave his seal of approval to crypto as he advised lawmakers against seeking to overly regulate the cryptocurrency industry and blockchain which he characterized as a ‘promising technology’.
The event which made waves especially with the calibre of speakers and industry players in attendance had also seen its hype grow due to lots of big moves, partnerships and products offered over recent months by the Ripple team. During the Question & Answer session, Clinton touched on a wide range of topics including cyber security and other non crypto issues like gun laws and foreign policies.
A major talking point at the Swell conference was Clinton’s remark about the disparity of access to new technologies like blockchain as they develop overtime; he made reference to the emergence of e-commerce solutions and then internet in the late 1990s; he said
The more you develop new technologies like blockchain, Ai technologies, Robotic technologies…the more the disparity of access is going to be felt; digital curriencies and blockchain offer a way for value to be exchanged as quickly as information hence creating an all inclusive financial and economic opportunity.
He further shed light on the arguments associated with new technologies especially a possible abuse or disruptive effect as regulators seek to protect consumers from risk without hampering innovation while hinting at the concerns that cryptocurrencies can be used by terrorists and criminals to launder money; he opined that
There needs to be intelligent effort to identify the downsides and with that, you can’t apply an old regulatory pattern to a new technology. Ultimately, you end up killing the goose that laid the golden egg.
In his closing remarks, the 42nd president of the United States described blockchain as a huge potential industry with applications spanning across national borders and income groups as he enjoined politicians to come together to ensure the emerging tech is supported through its enormous possibilities rather than ruining it by negative identity politics and socio-economic policies.
The Swell Conference also featured topics regarding frameworks for regulating digital assets across Europe, Asia and the Middle East as well as new market opportunities in e-commerce, remittances and corporate marketplaces. Also ripple had said it primarily based its invitation of the former president on his experience as a politician in drafting policies for emerging technology.