Cryptocurrency

Ripple calls for fair crypto regulations ahead of Congress hearings

Ripple calls for fair crypto regulations ahead of Congress hearings

The digital currency Ripple had signed an open letter to U.S. regulators on July 28 asking for fair crypto guidelines, ahead of new hearings on cryptocurrency regulation this week.

Following mixed congressional sentiments on both Facebook's digital currency Libra and cryptocurrencies in general, Ripple Washington CEO Brad Garlinghouse appealed to ease regulation on cryptocurrencies.  

“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,” said Garlinghouse.  

He called for regulation that endorses “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.”

Ripple is still facing doubts regarding its role as an alternative to fiat currencies and the decentralization claims related to its XRP coin.

However, Garlinghouse stressed on the trust already built in central banks and their monetary policy and the general acceptance of currencies, referring that the XRP is not planned to replace real money.

The letter comes ahead of Tuesday’s hearings named: “Examining Regulatory Frameworks for Digital Currencies and Blockchain.”

The Bitcoin rose 0.36 percent to $9,489, Ripple was 0.16 percent up at $0.31 and Ethereum traded at $209 as it witnessed a 0.45 percent increase. On the other hand, the Litecoin was down by 0.34 percent at $89. 

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