Ripple CEO Brad Garlinghouse and its Executive Chairman Chris Larsen penned an open letter to Congress regarding the regulations of cryptocurrencies.
The letter states that a lot of companies in the space are “responsible actors” and that they pay attention, and adhere to, local and international law. Many companies believe they are serving the greater good.
“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,“ the letter states.
The Ripple leaders say that crypto-related companies work in tandem with financial institutions, and not in contention with them. They want to move money through borders the same way info moves: “efficiently, reliably, inexpensively.” The way Ripple sees it, cryptocurrency complements legacy currencies, it doesn’t replace them.
“Without a doubt, blockchain and digital currencies will engender greater financial inclusion and economic growth not unlike the internet’s historic impact,” the letter said. “As it did with the internet, the U.S. has the chance to lead the way, nurturing this economic opportunity while continuing to protect privacy and stability.”
The Ripple founders then urged Congress to support regulation of crypto, in a way that doesn’t harm companies’ abilities to make the most out of the technology and continue to innovate. They ask that Congress categorizes crypto in a way that will identify the fundamental differences of the cryptocurrency space, instead of “painting them with a broad brush.” The letter urges leaders to be thoughtful and clear about the issue.
“Without regulatory clarity, we risk pushing the innovation, tax revenue and jobs that these new technologies create overseas,” the letter said. “You have the world’s attention. Let’s come together and seize the moment.”