Altcoin News: Ripple CEO Urges US Authorities to Ensure Clarity in Cryptocurrency Regulation

July 29, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Ripple CEO Brad Garlinghouse and Chairman of the Board of Directors of the company Chris Larsen jointly prepared an open letter to the US Congress on the issues of cryptocurrency regulation.

Garlinghouse and Larsen point out that without regulatory certainty, there are risks to the development of innovation, taxation and the creation of new jobs.

“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,” the letter says.

Ripple executives also urge US lawmakers to develop a classification of digital currencies based on their fundamental characteristics.

The letter’s authors note that cryptocurrencies can “complement” fiat currencies, “not replacing them,” and the United States is able to assume the role of a leader in this space.

“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,” write Garlinghouse and Larsen.

The letter was prepared on the eve of the hearing in the Banking Committee of Senate USA on the issue of regulation of cryptocurrency, which will be held on July 30.

Author: Marko Vidrih