- Ripple has published an open letter to US Congress
- According to them, the industry should not be painted with a broad brush
- Lack of regulations could also force companies abroad, they say
In recent years there have been tensions between those within the crypto and various regulatory bodies, in particular, those in the United States and this has mostly stemmed from a sense of distrust and friction that has existed on the part of these regulatory bodies towards the industry. For a long time, no regulations existed that were catered towards the crypto industry, leading to insurmountable difficulties for many investors and tech companies. Recently the US Congress has engaged in a number of hearings with representatives from Facebook regarding the upcoming Libra token and this only serves to solidify the narrative that the industry is distrusted by congress. Now Ripple has taken a stand by publishing an open letter on July 29 to Congress in which they urge them to adjust their attitude towards the crypto industry, or risk seeing it leave the country.
Regulatory uncertainty unacceptable, says Ripple
The letter is addressed by Brad Garlinghouse, who is the CEO of Ripple as well as Chris Larsen who is the executive chairman and co-founder of Ripple. The letter states that Congress should not paint the crypto industry with a broad brush and goes on to say that many within the industry are very responsible actors and have adhered to US and international laws and are committed to serving the greater good.
The letter touches on the vital role that has been played by central banks across the world in issuing of currency as well as setting monetary policies that ensure stability within the world economy. This, the letter says, has been effective because trust is paramount to the acceptance of any currency.
Get with the times or get left behind
Companies such as Ripple within the United States and overseas have employed Innovations to work hand-in-hand with financial regulators to enable access to money for users across the world in a more convenient fashion and have sought to complement existing currencies and not replace them. The letter then goes on to compare the blockchain and cryptocurrency sectors to the internet in that it will help create financial inclusion and unite the world.
It then urges Congress to not disadvantage US companies that make use of these technologies and to support regulations that will instead help promote innovations. The issue of regulatory clarity was also mentioned in that without it, there is a risk of pushing many benefits that come with the crypto industry to other countries that have better regulations put in place.