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Ripple Writes Open Letter to Congress

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Ripple wrote an open letter to the U.S. Congress on 28 July 2019. Chris Larsen, co-founder and executive chairman of the company and CEO, Brad Garlinghouse.

The U.S. Congress, after a handsome time, indicated a positive response towards the cryptocurrency. In March 2018, The Joint Economic Committee of the Congress submitted a report that included a chapter on cryptocurrencies. However, the decision on cryptocurrencies in the U.S. is still establishing.

Ripple, the renowned U.S. company, connecting banks and payment providers via Ripplenet, runs on the most advanced blockchain technology. To extend its favor towards the digital currency, Ripple wrote an open letter to the U.S. Congress on 28 July 2019. Chris Larsen, co-founder and executive chairman of the company along with its CEO, Brad Garlinghouse, penned down their views over the regulatory issues of the cryptocurrency space. In their letter that issued on Sunday, they mentioned that without any regulatory clarity, there would be the risk to innovation, tax revenue, and the jobs that the blockchain technology has to offer.

They requested the government not to take the roles of banks for granted in issuing the currencies and setting monetary policy with the multiplex economies of the world. The company also stated its, and all other blockchain and virtual currency industries responsibility to serve the better good for the nation. Moreover, the digital company can only adjunct the already existent ones and not replace them.

“Without a doubt, blockchain and digital currencies will engender greater financial inclusion and economic growth, not unlike the internet’s historical impact. As it did with the internet, the U.S. has the chance to lead the way, nurturing this economic opportunity while continuing to protect privacy and stability,” they wrote.

Larsen and Garlinghouse asked the government to “not paint them with a broad brush” and must include the specific details.

The Senate Banking Committee on regulatory frameworks for cryptocurrencies and blockchain technology will now hold a hearing of the open letter on 30 July and will have it live-streamed.

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