Brad Garlighouse of Ripple has penned an open letter to Congress asking them to be discerning when it comes to cryptocurrency regulation.
Ripple is pleading with the US government to see it as separate from the rest of the crypto industry.
“Please do not paint us with a broad brush,” opens a letter from Brad Garlinghouse, CEO of Ripple to Congress. “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,” it continued.
The letter, it is hoped, will help Congress see that Ripple is not out to destroy the banking sector, but make it more efficient. “We don’t take for granted the vital role of central banks in issuing currencies and setting monetary policy in concert with the complex dynamics of economies around the world.”
The note comes shortly before Congress is due to have another round of talks about cryptocurrencies and their place in the US. The last discussion involved raking Facebook over hot coals for its Libra project. Ripple is hoping to avoid the same fate. To do that, Garlinghouse’s letter focuses on how chummy Ripple has been with the banking sector.
“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.”
If Congress doesn’t see Ripple’s value, Garlinghouse warns, “we risk pushing the innovation, tax revenue and jobs that these new technologies create overseas.”
Let’s hope they’re listening, Mr. Garlinghouse.