- Ripple’s Chris Larsen, to Help Bring Regulation to Fintech Sector
- AIR’s Goal is to Help Regulators Understand New Technologies
Moving in line with new technologies is an issue among regulators. No wonder experts and other stakeholders in the sector have moved to create solid organizations that will offer much-needed help. This time around the report is focused on Ripple and a group of entrepreneurs. According to the report, the AIR (Alliance for Innovative Regulation) is the new organization for this purpose. The Alliance for Innovative Regulation will help financial regulators understand new technologies like crypto and Blockchain. AIR will work in collaboration with several entrepreneurs and investors. The team also includes Ripple’s, Chris Larsen. Larsen who serves as Ripple’s Executive Director was the one who informed the public of the exercise. He announced the AIR initiative.
According to the report, under the new framework, Blockchain teams, governmental bodies, and financial institutions will link up. These entities will join efforts to create a reliable modern economic system. The Alliance for Innovative Regulation will help to contribute to mutual understanding between the parties involved in the scheme. The objective is to ensure that regulators understand the emerging technologies.
AIR’s Goal is to Help Regulators Understand New Technologies
The co-founder of fintech start-up Petal, David Ecrich, declared that “AIR’s primary objective is to ensure that regulators understand new technologies. The scheme is also designed to help regulators migrate from the current analog model to a digitally-native design.” Just before its launch, AIR raised close to $3 million in seed investments. The funds were raised from top VC foundations like Flourish. Flourish is part of the Omidyar Group.
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The launch of AIR appears to be more awaited in the context of the recent issues with Libra and TON. The first currency was rejected by the major financial groups due to ‘regulatory uncertainty’ at the time. Meanwhile, Telegram’s cryptographic project has been stopped by the SEC after the federal regulator issued a restraining order. No wonder Jo Ann Barefoot, the CEO, and co-founder of AIR, highlighted the dramatic difference between the tech development and regulatory framework that they intend to act within. Speaking on the agenda of the Alliance for Innovative Regulation, Barefoot declared:
“In order to stay on track with the exponential changes in technology, regulators must radically decrease the innovation cycle-time and then adapt quickly to the emerging technologies. This is not the first time or attempt to break the wedge between the Blockchain sector and the state. It obviously won’t be the last.