Ripple calls for regulatory clarity for crypto industry in an open letter to Congress

Given the current unfavorable and vague regulatory environment for cryptocurrencies in the United States, blockchain startup Ripple has penned down an open letter to Congress.

In the letter, which is posted over at the Ripple website, the crypto entity is appealing to the better nature of Congress members in advance of a hearing on the crypto industry, scheduled to be held today, July 30.

Following mixed reactions from officials in the recent hearing that involved Facebook Libra, Ripple CEO Brad Garlinghouse urges the authorities not to see every crypto project under the same lens.

“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,” the letter reads.

Simply put, Garlinghouse is trying to make the case that not every company in the crypto industry should be considered identical.

Importantly, the Ripple CEO stressed that his company and others like it are “responsible actors” that adhere to the laws that are enforced in the US and in other countries. He notes that they understand the value of central banks and are in complete compliance with regulations where they have been established.

"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," he said.

He concluded saying that a lack of regulatory clarity in the U.S. would push the innovation, tax revenue and jobs resulting from these cutting-edge technologies to other countries.