Ripple, the blockchain payments network recently signed an open letter to the United States of America’s regulators. The open letter was sent on July 28th ahead of scheduled crypto hearings to take place tomorrow.
In light of the mixed sentiment shown from Congress towards Facebook’s Libra and the crypto industry on a whole, Ripple CEO Brad Garlinghouse appealed to the Senate to be more lenient in its future approach.
Garlinghouse’s letter which covers other concerns starts as:
“Many in the blockchain and digital currency industry are responsible actors. We are responsible to U.S. and international law. We are responsible to serving the greater good.”
Ripple is the firm behind the altcoin of the same name, XRP which is the blockchain’s native token upon the firm’s payment network.
Ripple has attracted interest from several traditional banks around the globe, many of which are interested in cutting back on costly international transactions.
Notably enough, the payments firm has been at the epicentre of much controversy in the past. The crypto community has often questioned Ripple’s XRP token with many a dispute surrounding its decentralization.
Ripple’s open letter
In his letter, Garlinghouse seems to cite this tone, giving praise to the central banks and governments of the world and monetary policies. Of course, this is in direct opposition to what Bitcoin (BTC) was designed to counter in the first place.
Furthermore, he also mentioned trust as a core aspect of a digital asset garnering mainstream acceptance. Bitcoin succeeded in this due it removing the need for a central trust authority, Garlinghouse continues:
“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.”
In his conclusion, Garlinghouse stated that the nation is currently in the global spotlight in light of its response to the growing crypto industry:
“We urge you to support regulation that does not disadvantage U.S. companies using these technologies to innovate responsibly, and classifies digital currencies in a way that recognizes their fundamental differences — not painting them with a broad brush.”
U.S lawmakers will once again gather this week to debate crypto and blockchain policies. The hearing which is dubbed Examining Regulatory Frameworks for Digital Currencies and Blockchain” — is scheduled for tomorrow, July 30.