Ripple Executives Try To Convince Congress About Crypto Asset Differences

A new open letter is in the latest cryptocurrency news. This time, the Ripple executives are in the focus for urging the lawmakers to support the crypto regulation that does not disadvantage the US companies and does not paint crypto assets with “a broad brush” as the letter showed.

“We urge you to support regulation <…> that <…> classifies digital currencies in a way that recognizes their fundamental differences,” the blockchain startup Ripple said in a letter on July 28. The letter was signed by the CEO Brad Garlinghouse as well as other Ripple executives including Chris Larsen who is the executive chairman and co-founder of the company.

The letter was published ahead of the new Congressional hearing named “Examining Regulatory Frameworks for Digital Currencies and Blockchain,” scheduled on July 30. The Ripple executives reiterated their concerns which were voiced by other industry players, stating that “without any regulatory clarity, we risk pushing the innovation, tax revenue and jobs that these new technologies create overseas.”

According to Larsen and Garlinghouse, “many people in the blockchain and digital currency industry are responsible actors” and they’re innovating “in partnership with regulated financial institutions.”

The letter also quotes the Ripple executives for stating the following:

“Without a doubt, blockchain and digital currencies will engender greater financial inclusion and economic growth not unlike the internet’s historic impact.”

As reported before in our altcoin news, a top American regulator noted that the country’s financial system’s reluctance to provide guidelines is dangerous and could lead to the United States falling behind other more pro-active nations.

In the other news, a popular crypto wallet named Abra last week noted that amidst the continued regulatory uncertainty and restrictions, Congressional hearings and presidential comments, the company is ready to make changes that will impact its US customers.

Meanwhile, the letter signed by top Ripple executives shows that smaller countries are also trying to go big on cryptocurrency. Belarus, Malta, Bahrain and Gibraltar are only some of the countries featured by many best cryptocurrency news sites for being attractive for companies – mostly due to their regulatory security and the perks like tax breaks, Reuters reported.