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The U.S. government is in the stages of stepping up its effort to regulate blockchain and cryptocurrency ahead of another senate debate this week. This has spurred Brad Garlinghouse to write an open letter to the regulators pleading for fair regulations. 

The U.S. has never been fully anti-cryptocurrency, despite tweets from President Donald Trump pointing otherwise. However, their reaction over Facebook’s proposed Libra Cryptocurrency has sparked some concern as to how these assets will be ruled going forward. 

Garlinghouse’s letter is one that pleads for fair regulation with the goal being the integration of blockchain and cryptocurrency into the current system, rather than a disruptive overhaul. The Ripple CEO even went so far as to praise central banks. 

Aiming for acceptance

The concern about the regulatory uprising in this manner is that it could become so stifling as to limit the potential and effectiveness of what disruptive technology is trying to accomplish.

“Please do not paint us with a broad brush,” Garlinghouse’s letter began.

“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.”

Ripple and its XRP token are parts of the cryptocurrency space that have the most active affiliation to central banks and the banking sector as the coin is aimed at being a tool for inter-bank transfers. 

It is for this reason Garlinghouse praises the banks, but also as a show that this new innovation is not aiming to wipe out the entire banking sector.

“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,” he added.

In the spotlight

The USA is a key country when it comes to setting global regulatory trends. With its fate on cryptocurrencies still not fully decided, these upcoming debates and decisions could go a long way in shaping the way the world views cryptocurrency going forward. 

Many other countries have embraced the blockchain and cryptocurrency space, and are looking to take advantage of its innovation, whereas the U.S. is in a precarious place where it could well miss out if regulations are too stern. 

Garlinghouse’s plea is not only for the betterment of the cryptocurrency space but also for the U.S. to be at the forefront of this new technological revolution. 

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