On 28th of July 2019: Ripple CEO, Brad Garlinghouse and Executive Chairman and Co-founder of Ripple, Chris Larson sent an open letter to the United States Congress regarding crypto regulations. At wisecryptos we feel it is Time for all of crypto to get behind Ripple “Call To Arms”.
Time for all of crypto to get behind Ripple “Call To Arms”
Many people in the cryptocurrency communities have strong opinions about Ripple and XRP, be it strongly for or against. This open letter to Congress should see those factions come together and unite in the common cause, crypto and blockchain as the future it truly is.
Without representation from people within the blockchain world there is a distinct danger votes and decisions will be formed based on media hype, be that positive or negative. Lobbying congress in the way done by Ripple is a positive start, but is Ripple alone strong enough to sway the sentiment of the dusty decision makers?
In December of 2018 an initiative called Blockchain for Europe came into force. This conglomerate of Ripple, Emurgo, NEM and Fetch is the first credible attempt to create a unified voice for the blockchain industry at European level. As is the case in the US, the situation in Europe called for unity:
The policy debate in Europe has been fragmented — with inconsistent information from those outside the blockchain sector challenging consensus within it.
The association’s goals are to foster the understanding within EU- and member state institutions on the true nature and potential of distributed ledger (DLT) and blockchain technology, and to ensure that upcoming regulation promotes and boosts innovation in Europe.
Ripple has taken the lead, now it is time for all of crypto to get behind Ripple “Call To Arms” and lobby Congress in the US and their politicians in the country they are based. Without this unity it won’t only be jobs that are at risk, but the ability to freely develop and expand this growing and technologically vital industry is at risk.
Please do not paint us with a broad brush.
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.
We don’t take for granted the vital role of central banks in issuing currencies and setting monetary policy in concert with the complex dynamics of economies around the world. For centuries, governments have been well suited for the job because paramount to the acceptance of any currency is trust.
Companies like ours in the United States, and others abroad, employ these innovations in partnership with regulated financial institutions to enable the world to move money across borders like it already moves information—efficiently, reliably, inexpensively. In our view, digital currencies have the opportunity to complement existing currencies like the U.S. dollar—not replace them.
Without a doubt, blockchain and digital currencies will engender greater financial inclusion and economic growth not unlike the internet’s historic 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.
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.
Without regulatory clarity, we risk pushing the innovation, tax revenue and jobs that these new technologies create overseas.
You have the world’s attention. Let’s come together and seize the moment.
Brad Garlinghouse, CEO of Ripple &
Chris Larsen, Executive Chairman and Co-founder of Ripple
Source: Our Open Letter to Congress