One: Ripple CEO writes open letter to Congress over regulatory uncertainty
From the letter:
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.
This is a timely letter, as there was a hearing being held by the Senate Banking Committee on regulatory frameworks for cryptocurrencies this morning. You can watch a replay of the hearing linked here.
Examining Regulatory Frameworks for Digital Currencies and Blockchain
DATE: Tuesday, July 30, 2019TIME: 10:00 AMLOCATION: Dirksen Senate Office Building 538
THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS will meet in OPEN SESSION to conduct a hearing entitled “Examining Regulatory Frameworks for Digital Currencies and Blockchain.” The witnesses will be: Mr. Jeremy Allaire, Co-Founder, Chairman and Chief Executive Officer, Circle, on behalf of The Blockchain Association; Dr. Rebecca M. Nelson, Specialist in International Trade and Finance, Congressional Research Service; and Professor Mehrsa Baradaran, Professor of Law, University of California, Irvine School of Law.
All hearings are webcast live and will not be available until the hearing starts. Individuals with disabilities who require an auxiliary aid or service, including closed captioning service for webcast hearings, should contact the committee clerk at 202-224-7391 at least three business days in advance of the hearing date.
Ranking Member Sherrod Brown (D - OH)
Chairman Mike Crapo (R - ID)
Mr. Jeremy Allaire
Co-Founder, Chairman And Chief Executive Officer, Circle
on behalf of The Blockchain Association
Dr. Rebecca M. Nelson
Specialist In International Trade And Finance
Congressional Research Service
Professor Mehrsa Baradaran
Professor Of Law
University of California, Irvine School of Law