On Tuesday, the United States Senate Committee on Banking, Housing, and Urban Affairs hosted its third hearing on cryptocurrency and blockchain regulation. Ahead of the hearing, Ripple CEO Brad Garlinghouse and Executive Chairman and Co-founder Chris Larson published a letter urging Congress to not paint the crypto and blockchain industry “with a broad brush.”
The letter went on to say that they and others in the industry are responsible actors that value government backed currencies.
“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.”
Garlinghouse and Larson continued, “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…”
Ripple’s plea came after two rounds of rigorous hearings on Libra that ended in Facebook admitting their cryptocurrency may never see the light of day.
Fortunately, Congress took a different approach to the third round of questioning, focusing the hearing on how to regulate the emerging industry and the benefits of blockchain technology, and less on the challenges of Libra.
Senate Banking Committee Chairman Mike Crapo (R-ID), expressed a particularly favorable view of cryptocurrencies and blockchain, similar to Garlinghouse and Larson’s.
“While Libra may have started this conversation, the blockchain and cryptocurrency system is diverse. It seems to me that this technology and other digital innovations are inevitable. They could be beneficial, and I believe the U.S. should lead in their development. That can’t happen without clear rules of the road,” said Crapo.
With Crapo’s outlook, the U.S. has a wide-open opportunity to take the lead in the digital asset space in the same way it led the innovation of the internet. Regulation is coming, but it will likely result in significant growth and market maturity.
Bitcoin Can't be Stopped
Bitcoin responded positively to the hearing and surged more than 6 percent this week. BTC is currently trading comfortably above $10K.
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