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.