Bill Clinton lends his backing to blockchain, warns against over-regulation

Former US president Bill Clinton has been speaking about blockchain and cryptocurrencies…

The current president of the United States, Donald Trump, hasn’t really shown himself to be much of a friend of cryptocurrency and blockchain. But former president Bill Clinton? That’s a different story.

He was the keynote speaker at the Swell by Ripple conference this week in San Francisco, and he’s made his position on blockchain technology in particular very well known at the event.

Clinton told the event that DLT – distributed ledger technology – has “staggering” potential, but tempered that with caution about over-regulating the industry.

He was quoted as saying that “this whole blockchain deal has the potential it does only because it is applicable across national borders [and] income groups. The permutations and possibilities are staggeringly great”.

He added that by saying “we could ruin it all by negative identity politics and economic and social policy. You think about that.”

He had a word of warning for the industry itself too, suggesting that it would be unwise to move too quickly. “You don’t want consumer fraud, you don’t want to finance criminal enterprises, and you certainly don’t want to make it easier to pull off severe attacks by terrorists”, he said. “That’s the challenge of each new technology”.

No formal video has been released of Clinton’s stage address, but a clip of his talk was taken by an attendee, and consequently uploaded to YouTube. You can find it here.

Just don’t expect the current American administration to be amongst those watching it…

Image: BigStock