Dear Congress,
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.
Respectfully,
Brad Garlinghouse, CEO of Ripple &
Chris Larsen, Executive Chairman and Co-founder of Ripple
