Ripple’s co-founder and Chairman Chris Larsen has joined others in investing in a newly launched alliance initiative centered on helping regulators adopts new technology to be able to catch up with latest trend.
The newly launched initiative, dubbed Alliance for Innovative Regulation (AIR), will help regulators integrate technology into every stratum.
It centers on helping financial regulators relate with technology while also speeding up digital transformation.
AIR is linking regulatory bodies, financial institutions, fintech leaders and others stakeholders in the innovation field to brainstorm and work together on harnessing technology to overhaul the financial regulatory system.
The organization is generating thought leadership and educating innovators. It also designs a policy accelerator to test and implement new regulatory technologies, a press release on the launch of the organization has said.
The idea is being co-founded by Jo Ann Barefoot, former Deputy Comptroller of the Currency, and David Ehrich, co-founder of fintech credit card startup Petal.
In the board of the initiative are Thomas Curry, former Comptroller of the Currency and partner at Nutter, McClennen & Fish
AIR is already in the system. The organization says it is building on efforts in the UK—including tech sprints to design a more dependable, transparent and secure financial system.
For now, the organization has gathered up to $2 million in funding from experts and entrepreneurs in the financial technology world. Ripple’s Chris Larsen and some others are among the backers of the organization.
According to Larsen, the goal of the organization is to give birth to a new model of collaboration between a complex network of regulatory agencies and industry.
The organization already gathered 65 regulators from 16 agencies, making AIR offer technical support to nothing less than 6 regulatory agencies on tech sprints.
Chris Larsen, who is part of the founding members of AIR, also co-founded Ripple in 2012. He is the present chairman of Ripple and former CEO of the firm before Brad Garlinghouse took the mantle in late 2016.
Larsen donated $25 million in XRP to San Francisco State University early this year. The donation till today remains the largest made with cryptocurrency to any university in the U.S.