Crypto will take center stage on Capitol Hill for the second time in as many weeks when the U.S. Senate Banking Committee convenes Tuesday to discuss current and potential regulations. Jeremy Allaire, CEO of Circle, will testify as a representative of the Blockchain Association trade group. He will be joined by University of California at Irvine School of Law professor Mehrsa Baradaran and Congressional Research Service specialist Rebecca Nelson.
Meanwhile, Ripple took out a full-page ad in the Wall Street Journal, asking lawmakers in Congress to recognize the potential that blockchain and cryptocurrency have to boost the US economy and the dollar. The letter, signed by Ripple CEO Brad Garlinghouse and founder Chris Larsen, says America has the chance to lead a new technological revolution as it did with the internet – and risks losing its edge to foreign interests.
#Ripple CEO writes open letter to Congress over regulatory uncertainty.
— 𝗕𝗮𝗻𝗸 𝑿𝑹𝑷 (@BankXRP) July 29, 2019
An excerpt from the letter reads:
“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. Without regulatory clarity, we risk pushing the innovation, tax revenue, and jobs that these new technologies create overseas.”
Ripple has made an interesting move, which is important as the outcome of all these discussions could affect cryptocurrency for decades to come. It is important that the US Senate is not hasty and presumptuous and do their due research to ensure their decision does not cause a technological setback.
The hearing will be live streamed, and is definitely something to look forward to if you’re an avid follower and supporter of the crypto world.