CEO Ripple sends open letter to US Congress on upcoming hearings

Posted 29 July, 2019

Ripple company has sent to the US Congress an open letter on forthcoming hearings in the Senate Banking Committee calling for the implementation of a clear regulatory regime for the cryptocurrency industry. The open letter was unveiled on July 28.

The open letter was filed by Brad Garlinghouse, CEO of Ripple, and Chris Larsen, Executive Chairman and Co-founder of Ripple. They are sure that cryptocurrencies supplement the fiats and hardly pose a threat to the latter. At the same time, they asked the regulators not to "paint us with a broad brush.'

At the same time,  Garlinghouse and Larsen cited the need for the effective and well-developed regulation otherwise the sector can face certain risks.

"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," as they said in the letter.

There are rumours that Ripple decided to be proactive fearing that the regulators can see no difference between cryptos and Libra, which can entail uniform regulation for these assets.

Besides, Ripple's CEO stated that excessive attention to the Libra project can affect the cryptocurrency sector. At the same time, Ripple managed to boost its client base once Facebook announced its crypto project.

For reference, the US Senate will hold hearings on cryptocurrency regulation on July 30.

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