Ripple CEO’s Open Letter To Congress: ‘We Are Here Not To Replace But To Complement Fiat Currencies’

  • Ripple co-founder Chris Larsen and CEO Brad Garlinghouse urges US government to provide regulatory clarity
  • Central banks role as a currency issuer is not taken for granted, as they have been well suited for the job

Brad Garlinghouse the CEO of Ripple and Chris Larsen, the executive chairman and co-founder of Ripple wrote an open letter to Congress, asking not to paint the cryptocurrency industry with a “broad brush.”

In the third week of July, the Senate Banking Committee scheduled a hearing on Facebook’s new cryptocurrency project Libra that brought forward this letter.

Regulators around the world are not happy with Facebook’s plan to bring a new currency into the system and have even called for a halt of the project.

Ripple Is Already Working With The Regulators And Banks

Ripple, a “frictionless experience to send money globally” is working on creating a global payments networks, having already partnered with more than 200 banks across the world via its products called RippleNet, xRapid, xVia, and xCurrent along with the digital asset XRP.

The third largest cryptocurrency XRP according to its website, is built for enterprise use and offers banks and payment providers a reliable and on-demand option to source liquidity for cross-border payments.

Being part of the cryptocurrency sector,

“Garlinghouse has been vocal about the need for the ongoing debate which he says is healthy and necessary for the continued maturation of this industry.”

For the regulatory aspect, Garlinghouse has time and again emphasized that to maximize progress forward, the crypto industry would have to work with the existing financial system and not against it and that Ripple is already working with the regulators all over the globe.

Central Banks’ Role In Issuing Currencies And Setting Monetary Policy Is Not Taken For Granted

In the open letter, both the top executives point out that many in the blockchain and digital currency industry are “responsible actors,” responsible to the US and international law and 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,”

reads the letter.

Previously on Twitter, Garlingouse had said that he doesn’t see digital currency replacing fiat currencies and isn’t likely to disrupt the US dollar and other G20 currencies.

“For centuries, governments have been well suited for the job because paramount to the acceptance of any currency is trust.”

Classify Digital Currencies In a Way That Recognizes Their Fundamental Differences

Companies like Ripple, he says are working with regulated financial institutions to enable the world to move money across the border like it already moves information.

“Digital currencies have the opportunity to complement existing currencies like the U.S. dollar—not replace them.”

Blockchain and digital currencies, they say will engender economic growth just like the internet historic impact. And like it did with the internet, the US has the chance to lead the way here as well.

“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.”

Without regulatory clarity, they say the US might push innovation, jobs, and tax revenue overseas.

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