In a recently published open letter to the United States Congress, the CEO of Ripple – Brad Garlinghouse – has expressed that Ripple has a desire to be “responsible” and comply with the government for a properly regulated cryptocurrency sector. According to the letter, Garlinghouse insists that the cryptocurrency and blockchain industry only seeks to promote financial freedom.
We’re not trying to Replace the Dollar
Signed by Garlinghouse along with Chris Larsen, Executive Chairman and Co-Founder of Ripple, the letter tries to suggest to the government that the players in the industry are not interested in any unbecoming activity and are still answerable to the law.
“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.”
Furthermore, Garlinghouse tries to explain that all the innovation in the crypto industry seeks to work in hand with already established firms to better complement their core business functions and not to disrupt or replace any of the institutions or even fiat currencies.
“Companies like ours in the United States, and others abroad, employ these innovations in partnership with regulated financial institutions to enable the world to move money across borders like it already moves information – efficiently, reliably, inexpensively. In our view, digital currencies have the opportunity to complement existing currencies like the U.S. dollar – not replace them.”
Any Connection with the Libra?
Trying to draw a connection between this and Libra would not be too difficult or far-fetched. Since Facebook announced its entry into the crypto industry through the Libra, the U.S. government has been anything but supportive.
Head of the Libra project, David Marcus, recently endured hours of questioning from Congress about whether or not Libra should be allowed because of Facebook’s many privacy issues.
Even though people like Mike Novogratz are of the opinion that Congress was more anti-Facebook than they were anti-Libra, the hearing seems to have put a damper on things.
This is probably why Garlinghouse suggests in the letter, that Congress should not punish the entire sector for the sins of one.
“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.”