Ripple CEO publicly calls on the next US president to appoint a financial technology advisor to guide the development of blockchain and other technologies

With less than a month to go until the US election, the CEO of a distributed ledger startup is now campaigning for a national ‘financial advisor’.

Chris Larsen, CEO of Ripple, the startup that recently raised $55 million in a Series B round of funding, is calling on the next U.S. president to appoint an advisor specifically to help navigate the rapidly changing world of financial technology. In a blog post published today, Larsen argues that financial technology is redefining the boundaries of the financial industry — and that the U.S. government needs to take action to help American companies stay competitive.

Larsen's warnings come just weeks before the U.S. vote on Nov. 8 to decide whether Democrat Hillary Clinton or Republican Donald Trump will win the White House.

Larsen wrote:

“If we are going to stay at the top of the economy, if we are going to find a way to reduce economic dislocation, this technology is key. New technologies, like blockchain, will be a catalyst for increasing financial inclusion and lowering barriers to commerce.”

So far, only Clinton of the two presidential candidates has weighed in on the subject of blockchain, expressing support for some form of national policy in her campaign statement in June. So far, Trump’s team has declined to discuss the technology.

Create relaxed conditions for startups

Larsen believes this policy stance could even help alleviate the geographic challenges facing American businesses today. He says the distances between Washington, D.C., New York and Silicon Valley put companies that base their headquarters in major cities at a disadvantage.

He believes that appointing a financial technology adviser to the White House could help the president understand new technologies that he or she is not aware of.

“There are advisors in Washington in many ways. When something new or new technology emerges, an advisor can build a bridge until a new specialized agency is established.”

Larsen went on to say that having a financial technology advisor for the president could help ease problems in another key area: regulation.

He wrote:

“In their eagerness to protect American consumers, regulators can unconsciously paralyze aggressive innovation. Our next president must have a reliable expert advisor to temper that instinct and seize this miracle moment.