- Telecommunications Giant Vodafone Leaves the Libra Association
- Group of Central Banks Assesses Developing Central Bank Digital Currencies
- South Korea Might Impose 20 Percent Tax on Cryptocurrency Profits
- Report: Terrorists Increasingly Use Crypto to Raise Funds Anonymously
- Canadian Securities Administrators Subject Crypto Exchanges to Securities Laws
Brad Garlinghouse, CEO of Ripple and Chris Larsen, Chairman & co-founder of Ripple (XRP)trade took the time to pen a heartwarming open letter, urging the U.S. Congress to try separating the goats from the sheep, not casting all of them away.
In the open letter, they both implored the respectable Congressmen and Congresswomen to reconsider their anti-crypto stand. Sure, no one is disputing the fact that virtual currency can be manipulated and employed in illegal activities; however, one can’t also deny the fact that there are responsible businessmen and women in the crypto community. Is the solution really cutting everyone out? Both the good and the bad?
In the letter, Ripple’s CEO asserted that they (in this context, the responsible crypto actors) acknowledge the critical role central banks have been playing in the financial sector and it is not their goal to rubbish it. Instead, the goal is to carry out new innovations in line with regulated financial institutions.
Like the internet which came to revolutionize the way we did virtually everything, crypto is only here to make financial transactions, especially across borders, more efficient, reliable and even less expensive, and not to replace fiat currencies or touch down the legacy of the existing financial world. I think this is no different from the impact of most modern-day innovations. Should cryptocurrency be treated differently?
Instead of fighting it and causing genuine crypto firms to take their businesses overseas, they advise Congress to take the opportunity to lead and nurture this new wave of growth, as they have skillfully done with other innovations. “Without regulatory clarity, we risk pushing the innovation, tax revenue and jobs that these new technologies create overseas,” the letter reads.
“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.”
It is difficult to think of essentially any modern-day innovation that doesn’t have a drawback. If we all focus on the downsides of an innovation, we will have nothing today. Instead of throwing the wheat out the door, it will be smart to separate the wheat from the chaff.
US Authorities and Representatives Go Anti-Crypto
It is no news that the U.S. has taken a rather bearish stand on the crypto community. From the President’s anti-crypto tweetstorm to financial regulators and official representatives stampeding the launch of Facebook’s Libra digital coin and any other anti-crypto actions and statements in between, it is crystal clear that the U.S. has taken the back seat in this game-changing innovation.
With more and more meetings being held and a ton of adjustments being proposed regarding the crypto market, I guess it is time for members of the crypto community speak for themselves; and this is exactly what Ripple’s top executives attempt to do.