News Ripple Writes A Letter To Congress Over Crypto

Ripple Writes A Letter To Congress Over Crypto

-

- Advertisment -

Ripple CEO Brad Garlinghouse and its Executive Chairman Chris Larsen penned an open letter to Congress regarding the regulations of cryptocurrencies.

The letter states that a lot of companies in the space are “responsible actors” and that they pay attention, and adhere to, local and international law. Many companies believe they are serving the greater good.

“We don’t take for granted the vital role of central banks in issuing currencies and setting monetary policy in concert with the complex dynamics of economies around the world. For centuries, governments have been well suited for the job because paramount to the acceptance of any currency is trust,“ the letter states.

The Ripple leaders say that crypto-related companies work in tandem with financial institutions, and not in contention with them. They want to move money through borders the same way info moves: “efficiently, reliably, inexpensively.” The way Ripple sees it, cryptocurrency complements legacy currencies, it doesn’t replace them.

Without a doubt, blockchain and digital currencies will engender greater financial inclusion and economic growth not unlike the internet’s historic impact,” the letter said. “As it did with the internet, the U.S. has the chance to lead the way, nurturing this economic opportunity while continuing to protect privacy and stability.”

The Ripple founders then urged Congress to support regulation of crypto, in a way that doesn’t harm companies’ abilities to make the most out of the technology and continue to innovate. They ask that Congress categorizes crypto in a way that will identify the fundamental differences of the cryptocurrency space, instead of “painting them with a broad brush.” The letter urges leaders to be thoughtful and clear about the issue.

“Without regulatory clarity, we risk pushing the innovation, tax revenue and jobs that these new technologies create overseas,” the letter said. “You have the world’s attention. Let’s come together and seize the moment.”



Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...

How to double your crypto

Most of us have a small gambler deep inside our souls. We love to feel the thrill...
- Advertisement -Ripple Writes A Letter To Congress Over Crypto

Cryptocurrency Top Security Risk Concerns: What You Can Do to Protect Your Crypto

A report by CipherTrace revealed that in the first half of 2019, criminals and fraudsters stole more...

How has Bitcoin of America Changed the Cryptocurrency Industry?

Who is Bitcoin of America? Bitcoin of America is a U.S. based digital currency...

Must read

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when...
- Advertisement -Ripple Writes A Letter To Congress Over CryptoRipple Writes A Letter To Congress Over Crypto

You might also likeRELATED
Recommended to you