Ripple publishes open letter to US Congress

Ripple CEO Brad Garlinghouse and co-founder Chris Larsen have written an open letter to the US Congress seeking regulation that doesn’t “disadvantage US companies”.

The open letter was posted on Ripple’s website and implores Congress not to paint Ripple “with a broad brush”.

“Many in the blockchain and digital currency industry are responsible actors. We are responsible to US and international law. We are responsible to serving the greater good,” the letter states.

Garlinghouse and Larsen continue to say that they do not take for granted the “vital role” of central banks in issuing currencies and setting monetary policy in accordance with the dynamics of economies across the globe.

They note how for centuries governments have been “well suited” to the task because “paramount to the acceptance of any currency is trust”.

The letter claims that companies like Ripple in the US and abroad employ new innovations in partnership with regulated financial institutions to enable the world to transfer money across borders.

“In our view, digital currencies have the opportunity to complement existing currencies like the US dollar – not replace them.

“Without a doubt, blockchain and digital currencies will engender greater financial inclusion and economic growth not unlike the internet’s historic impact.

“We urge you to support regulation that does not disadvantage US companies from using these technologies to innovate responsibly, and which classifies digital currencies in a way that recognises their fundamental differences – not painting them with a broad brush.”

The letter concludes by stating that without regulatory clarity, the US is at risk of pushing innovation, tax revenue, and jobs that these new, emerging technologies provide overseas.

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