Ripple, the Blockchain payment network signed an open letter to United States regulators ahead of the upcoming hearings on cryptocurrency regulations, later this week. The hearing pitched as “Examining Regulatory Frameworks for Digital Currencies and Blockchain” — is to be held on Tuesday, July 30.
Brad Garlinghouse, the CEO of Ripple appealed to Washington to be lenient in its future approach. The letter also features other concerns from Garlinghouse:
“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 also has its own altcoin XRP, used as a native token for its network and related projects.
The network also has the attention of banks around the world as they can potentially help reduce the cost of international transactions in particular.
The company and its executives though are at the center of controversy in the industry due to questions surrounding Ripple’s equation with XRP and questions over its decentralization.
The quest for acceptance
Garlinghouse further praised central banks and government monetary policy as he believes that trust is an essential component for a currency to gain wider acceptance. Bitcoin, on the other hand, is completely decentralized. He wrote:
“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 concluded by stating that the country is in the international spotlight for its response to the Crypto Industry:
“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.”
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