Ripple to Congress: Crypto will move overseas

  • Ripple has published an open letter to the US Congress
  • Accordingly, the industry should not be painted with a broad brush
  • A lack of regulations could also force companies abroad, it is said

In the past few years there have been Tensions between those within the cryptocurrency and various regulators, especially those in the United States, and this is mainly due to a sense of suspicion and friction that these regulators had towards the industry. For a long time there were no regulations aimed at the crypto industry, which created insurmountable difficulties for many investors and technology companies. Recently the US Congress approved a number of Hearings with representatives from Facebook regarding the upcoming Libra token and this only serves to solidify the narrative that Congress distrusts the industry. Now Ripple has taken a stand by opening it. published letter on July 29th to Congress asking them to change their stance on the crypto industry or risk it leaving the country.

Regulatory uncertainty unacceptable, says Ripple

The letter is being addressed by Brad Garlinghouse, CEO of Ripple, and Chris Larsen, CEO and co-founder of Ripple. The letter states that Congress shouldn’t paint the crypto industry with a broad brush, and goes on to say that many within the industry are very responsible actors and have obeyed U.S. and international laws and are committed to serving the common good serve.

The letter touches on the important role central banks around the world have played in issuing currencies and in establishing monetary policies that will ensure the stability of the world economy. This, according to the letter, was effective because trust is of the utmost importance for the acceptance of any currency.

Keep up with the times or stay behind

Companies like Ripple in the United States and abroad have innovated to work hand-in-hand with financial regulators to provide more convenient access to money for users around the world, and have tried to complement, rather than complement, existing currencies replace. The letter then compares the blockchain and cryptocurrency sectors to the internet to create financial inclusion and unite the world. Should be xrp price prediction.

She then called on Congress not to penalize US companies that use these technologies and to support regulations that instead help promote innovation. The issue of regulatory clarity has also been mentioned insofar as without it there is a risk of transferring many of the benefits associated with the crypto industry to other countries that have put better regulations in place.

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