Ripple, the blockchain payment network has made a request to the US regulators for making supportive crypto regulations. It has sent an open letter to Congress for the benefits of US companies using this technology.

The letter has highlighted that it considers the importance of banks and policies for the monetary exchange system. These government bodies have always done their job with great effort. Also, underscored that trust is an essential factor for acceptance of any currency.

Ripple has requested to make new crypto regulations that will benefit the companies using such technology. It will make them responsible for innovative goods. The regulations should define digital currencies with all their details.

Many banks across the world have shown interest in this payment network. A few months back, the Saudi British Bank launched a Ripple backed global payment system. It’s a cross-border transfer service that makes use of blockchain technology.

Not only Washington, but many other major countries are showing cold behaviors for cryptocurrencies. Recently in Mexico, the Gibraltar Financial Services Commission (GFSC) announced to regulate Bitso’s purchase, shipment, withdrawal, and trading of cryptocurrencies.