Blockchain is poised to play an integral role in our next-gen global financial system. However, China is racing ahead of the United States in this arena, escalating competition for who will lead the future economic structure and standards of the world.

At the 2020 CB Insights Technology Conference, Ripple co-founder and Executive Chairman, Chris Larsen, spoke with Wall Street Journal reporter Paul Vigna about the tech Cold War brewing between the U.S. and China.

“We're way behind China when it comes to blockchain technology,” explains Larsen. “So, [U.S.] companies need to stay at it, blocking, tackling and working within the system. But the U.S. government also needs to get a lot more involved in blockchain. We're slow to the game.”