Ripple CEO writes open letter to Congress over regulatory uncertainty

Brad Garlinghouse, CEO of Ripple, and Chris Larsen, co-founder and executive chairman of the firm, have jointly penned an open letter to the U.S. Congress over regulatory issues in the cryptocurrency space.

In their letter issued Sunday, Garlinghouse and Larsen say that, without regulatory clarity, there is a risk to innovation, tax revenue, and jobs that blockchain technology has to offer.

“We urge you to support regulation that does not disadvantage U.S. companies using these technologies to innovate responsibly,” they write. The executives also seek classification of digital currencies that recognizes their fundamental differences and not paint them “with a broad brush.”

Garlinghouse and Larsen believe that cryptocurrencies have the opportunity to “complement” fiat currencies like the U.S. dollar and “not replace them,” and that the U.S. has the chance to lead in the space.

The open letter comes on the heels of a hearing by the Senate Banking Committee on regulatory frameworks for cryptocurrencies and blockchain technology, which is scheduled to take place on July 30, and will be live-streamed here.

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Yogita is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times. She can be reached at [email protected] Follow her on Twitter @Yogita_Khatri5.