Ripple to Urge UK to Regulate Crypto

Ryan Zagone from Ripple urges Britain to follow Japan's example
16 April 2018   1564

The developer of the Ripple urged the British regulators to follow the example of Japan and introduce new rules to put an end to the "Wild West" in the cryptocurrency market. This is reported by The Telegraph.

Ryan Zagone, head of relations with regulators Ripple, said that Britain needs to strike a balance between "risk containment and the development of innovation." He pointed to 3 "pillars" that lawmakers should take into account when developing appropriate rules: investor protection, combating money laundering and financial stability.

We’re at that time now where we need more clarity and rules and we need more certainty. It’s a good time to start revisiting that ‘wait and see’ ­approach taken by regulators.
 

Ryan Zagone

Head of relations with regulators, Ripple

Zagone argues that Japan is a leader in this field, and that other countries, particularly Britain, can use it as an example.

Last month, Chancellor of the Exchequer Philip Hammond announced the creation of a new working group that will help "manage the risks associated with crypto assets" and protect investors. The group included representatives of the Treasury, the Bank of England and the Office of Financial Regulation and Supervision.

Nevertheless, Zagone believes that measures taken by the government are not enough.

Ripple to Write Open Letter to US Congress

Ripple's execs asked congress to support the development of the technology
29 July 2019   324

Brad Garlinghouse, head of California-based Fintech startup Ripple, and co-founder Chris Larsen, wrote an open letter to the US Congress on the eve of relevant hearings at the Senate Banking Committee. They asked lawmakers to decide on regulation, but at the same time not painting them with a broad brush.

So, Garlinghouse and Larsen are convinced that cryptocurrencies will complement fiat currencies, and not put their existence at risk, and the United States, in their opinion, should lead the development of the industry.

According to them, without proper regulation, there are risks for innovation, tax revenues and jobs in the blockchain industry.

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.
 

Brad Garlinghouse, CEO of Ripple &
Chris Larsen, Executive Chairman and Co-founder of Ripple

Earlier, Garlinghouse agreed with US Treasury Secretary Stephen Mnuchin that cryptocurrency could not replace Fiat.

Probably, the head of Ripple fears that lawmakers will not understand the differences between cryptocurrency and Libra digital currency, and will introduce the same regulation for them.

Despite the fact that Ripple was able to significantly increase its customer base after the Facebook initiative was announced, Garlinghaus had already expressed fears that excessive attention to Libra could harm the industry as a whole.

On Tuesday, July 30, the US Senate will hold hearings on the regulation of cryptocurrency, during which the CEO of Circle company Jeremy Allair, a member of the Congressional research service Rebecca Nelson and a law professor at the University of California Mehra Baradaran will speak.