One of the leading crypto-blockchain network Ripple recently signed an open letter to the US Government regulators. The letter which requests for the crypto industry to be fairly regulated was penned on July 28 just before the scheduled crypto hearings this week.
Facebook’s Libra digital currency and the crypto community as a whole, and Brad Garlinghouse, Ripple CEO, specifically appealed to Senate to treat the case more lenient even as Congress has expressed mixed feelings.
In the Sunday letter, the Garlinghouse raised the following concerns:
“Many in the blockchain and digital currency industry are responsible actors. We are responsible for U.S. and international law. We are responsible to serving the greater good.”
Ripple is the firm that issues the altcoin, XRP – its payment network, as well as associated projects, use this native token to settle transactions.
Banks around the world that are keen on cutting international transactions costs have become attracted to the network.
Meanwhile, at the epicenter of the crypto world controversy, you will find the company together with its executives due to the questions they raise regarding Ripple’s decentralization and its relationship to XRP.
Regarding the letter, Garlinghouse continued with that same tone giving the central banks and governments’ rare praise for its monetary policies – which bitcoin was built to particularly counter.
While citing the importance of trust for a currency to gain wider acceptance, he stated that bitcoin succeeded since it eliminated the necessity for a central trust authority.
Garlinghouse concluded that an international spotlight had been cast over the country due to its response towards this innovative sector, ending that:
“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.”