Ripple Pleads For Leniency in Crypto Regulations

Mary Brendah by Mary Brendah - 02:08 PM Jul 30, 2019
Ripple Pleads For Leniency in Crypto Regulations

Ripple CEO Brad Garlinghouse has signed an open letter to US congress ahead of the fresh crypto regulations hearing. Ripple is the entity behind the XRP digital currency. The letter asked politicians not to apply one-size-fits approach to the cryptocurrency industry.

Serve the greater Good

The move has come after a long period of debate in Washington regarding treatment of cryptocurrencies. Particularly, congressional debates mainly focused on the Facebook Libra.  In the letter, he summarized:

“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”

In the wake of congress battles over Facebook Libra and Digital currencies, the CEO has requested the congress to be lenient in future approach. Recently, Garlinghouse had expressed his concerns over strict regulations due to Libra. In the letter, Garlinghouse stated that:

“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 has seen increased interest from banks across the globe.  In Particular, banks focusing on cutting international transactions cost. However, Ripple itself has faced numerous challenges itself. Mainly, controversies surrounding its relationship with XRP and decentralization disputes.

In the same letter, Garlinghouse touched on those concerns heaping a rare praise on Central Banks and government’s monetary policy. This is something Bitcoin was specifically designed to compete with. Additionally, he complimented governments generally for how they handle monetary policies. He argued that trust was necessary for a currency to work. In contrast, Bitcoin entirely disagrees with these remarks. Trust on value transaction is not what Bitcoin is designed for.

“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.” Garlinghouse continued.

In conclusion

This week, U.S congress will again sit and debate on cryptocurrency and Blockchain policy. The hearing is set for 30th July.

About The Author
Mary Brendah

Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.