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Ripple’s Larsen Says US Risks Losing Stewardship of Global Financial System to China, Disses SEC

Ripple’s Larsen Says US Risks Losing Stewardship of Global Financial System to China, Disses SEC

Ripple Executive Chairman Chris Larsen

Chris Larsen, Ripple co-founder and chairman of the payments technology company’s board of directors, said China’s “itching” to be the one that designs the next financial system and that the U.S. is “woefully behind.”

  • Speaking at the LA Blockchain Summit last week, Larsen said the U.S. needs to face up to that it’s in a tech cold war with China with the fate of control of the world’s financial system at stake. Right now, China’s winning, he said.
  • “China is just itching to be the one that designs this next system,” Larsen said. “They’ve committed $1.4 trillion to a variety of technologies and blockchain is right at the top of their list.” 
  • It’s not just that China’s pumping money into technology, the regulatory environment in the U.S. is actively discouraging financial innovation, he said.
  • “I just have to say it, in the U.S., all things blockchain, digital currency, they start and end with the SEC, Larsen said. “Instead of pivoting to encouraging U.S. innovation to keep up, they’ve done the opposite.”
  • “We’re going to have to change up here or we’re going to lose our leadership, stewardship of the global financial system,” he said. “That would be a tragedy.”
  • As CoinDesk reported at the time, Larsen also said his company could leave the U.S. if the regulatory environment doesn’t improve.

See also: SEC Will Be Forced to Give Crypto Guidance Despite Bureaucracy, Risk-Avoidance: Peirce

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Ripple’s Larsen Says US Risks Losing Stewardship of Global Financial System to China, Dissing SEC

Ripple’s Larsen Says US Risks Losing Stewardship of Global Financial System to China, Dissing SEC

Ripple Executive Chairman Chris Larsen

Chris Larsen, Ripple co-founder and chairman of the payments technology company’s board of directors, said China’s “itching” to be the one that designs the next financial system and that the U.S. is “woefully behind.”

  • Speaking at the LA Blockchain Summit last week, Larsen said the U.S. needs to face up to that it’s in a tech cold war with China with the fate of control of the world’s financial system at stake. Right now, China’s winning, he said.
  • “China is just itching to be the one that designs this next system,” Larsen said. “They’ve committed $1.4 trillion to a variety of technologies and blockchain is right at the top of their list.” 
  • It’s not just that China’s pumping money into technology, the regulatory environment in the U.S. is actively discouraging financial innovation, he said.
  • “I just have to say it, in the U.S., all things blockchain, digital currency, they start and end with the SEC, Larsen said. “Instead of pivoting to encouraging U.S. innovation to keep up, they’ve done the opposite.”
  • “We’re going to have to change up here or we’re going to lose our leadership, stewardship of the global financial system,” he said. “That would be a tragedy.”
  • As CoinDesk reported at the time, Larsen also said his company could leave the U.S. if the regulatory environment doesn’t improve.

See also: SEC Will Be Forced to Give Crypto Guidance Despite Bureaucracy, Risk-Avoidance: Peirce

Related Stories

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source Article Read the rest

General Electric Gets SEC Wells Notice Amid Insurance Accounting Probe

General Electric Gets SEC Wells Notice Amid Insurance Accounting Probe

General Electric shares edged higher Wednesday, largely in-line with broader market gains, as investors reacted to the possibility of legal action linked to a Securities & Exchange Commission probe into some of its accounting practices.



a sign on the side of a building: General Electric Gets SEC Wells Notice Amid Insurance Accounting Probe


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General Electric Gets SEC Wells Notice Amid Insurance Accounting Probe

GE said Tuesday that it had received a so-called Wells Notice from the SEC that indicate authorities are looking into how the industrial group accounted for the run-off of some of its legacy insurance businesses that sat inside its GE Capital division.

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The SEC probe was triggered by a January 2018 move to take a $6.2 billion charge to its fourth-quarter earnings linked to weakness in its North American Life & Health insurance portfolio under then-CEO John Flannery.

GE also said at the time that GE Capital, its financing arm, would make $15 billion payments over the next seven years in order to shore up NALH’s statutory reserves, starting with around $3 billion in the first quarter of this year, and approximately $2 billion annually from 2019 to 2024.

“The Wells notice is neither a formal allegation nor a finding of wrongdoing. It allows GE the opportunity to provide its perspective and to address the issues raised by the SEC staff before any decision is made by the SEC on whether to authorize the commencement of an enforcement proceeding,” the company said in a statement Tuesday. “GE disagrees with the SEC staff with respect to this recommendation and will provide a response through the Wells notice process.”

“If the SEC were to authorize an action against GE, it could seek an injunction against future violations of provisions of the federal securities laws, the imposition of civil monetary penalties, and other relief within the Commission’s authority,” the company added. “The results of

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