Will Ripple’s Open Letter to the Government Lead To Fair Crypto Regulations?

US House Committee grills SEC official of over 'balanced approach' to ICO regulation

Ripple News Today – Crypto-blockchain network Ripple has signed an open letter to United State regulators on July 28 ahead of a fresh hearing on cryptocurrency regulation this week. Ripple is demanding for an unbiased regulation of the crypto industry. The letter came as a reply to the growing disagreement in the Government as regards the digital currencies, particularly after Facebook, joined in the industry by unveiling its stablecoin, Libra.

Ripple News Update – Ripple CEO Brad Garlinghouse Appeals to the U.S Congress

Ripple CEO Brad Garlinghouse, and Executive Chairman and co-founder, Chris Larsen signed the letter. The letter addresses the U.S Congress, appealing to be lenient in its future approach as many companies in the industry are liable for their responsibility to the U.S and International Law.

The letter which follows other worries from Garlinghouse, states; “Many in the blockchain and digital currency industry are responsible actors. We are responsible for the U.S and international law. We are responsible to serve the greater good.” The letter also states that they know the value and importance of central banks in regulating monetary policies and issuing out currencies globally. They also believe that the governments are in a better place to issue currencies globally, as they have the trust of the people which is a key factor in dealing with currency.

Further, into the letter, it reads; “Companies like ours in the United States, and others abroad, employ these innovations in partnership with regulated financial institutions to enable the world to move information –efficiently, reliably, and inexpensively. In our view, digital currencies have the opportunity to complement existing currencies like U.S. dollar- not replace them.”

XRP (XRP) Price Today – XRP / USD

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Several months ago, the buzz around the crypto industry was not as loud as it is presently, as then it was seen merely as an internet fantasy. But as of recent, regulators around the world have started to beef up security on the crypto industry.

The US President Donald Trump tweeted recently that he is against cryptocurrencies of any kind, and believes that they in a way support anti-social activities such as drug trafficking and money laundering. The US Congress’s objection toward digital currencies is not out of the ordinary as he has been quite vocal about his stance for a while now. Spokespersons like Brad Sherman and Maxine Waters are requesting for the complete ban on the crypto industry as they are strongly against it.

Ripple News Today – XRP News Today – Let’s Use the Platform for the Benefit of the Masses – Ripple CEO Brad Garlinghouse tells U.S Government

Ripple has advocated in the letter, that the Government should urge regulating bodies to aid these companies to drive in innovation that will benefit the masses. This they said can only be achieved by outlining basic variance between fiat and cryptocurrencies, rather than banning them completely.

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

According to the latest cryptocurrency news, the U.S lawmakers will sit again this week to discuss cryptocurrency and blockchain policy.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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