Ripple CEO to U.S. Congress: ‘Please Do Not Paint Us With a Broad Brush’

On Sunday (July 28), Brad Garlinghouse, the CEO of Ripple, and Chris Larsen, Ripple's Co-Founder and Executive Chairman, published their joint open letter to U.S. Congress.

In this letter, they explained that:

  • Ripple, like many other companies in the blockchain and crypto space, are "responsible actors", i.e. they respect U.S. and international law.
  • There are companies, for instance Ripple, that want to use these new technologies "in partnership with regulated financial institutions" for cross-border payments.
  • Ripple sees "digital currencies" complementing fiat currencies (such as the U.S. dollar) rather than replacing them.

They then urged Congress to recognize that not all digital currencies are the same and to support regulations that allow blockchain and crypto firms to "innovate responsibly." 

Finally, he argues that without more blockchain and crypto friendly regulation, the U.S. could the pushing the "innovation, tax revenue and jobs that these new technologies create overseas."

Garlinghouse's comments in this letter echoes what he said on Twitter on July 15 shortly after U.S. Treasury Secretary Steven Mnuchin's press conference about Libra and Bitcoin.

Back then, he said:

  • "I agree that crypto isn't likely to replace fiat currencies - I have been very vocal that crypto isn’t likely to disrupt the US dollar and other G20 currencies in my lifetime."
  • "But as Mnuchin indicated, the entire crypto industry should not be painted with one broad brush - it has come a long way since the days of Silk Road. For the industry to succeed, we need to work with regulators and within policies. Full stop."
  • "XRP is uniquely equipped to solve a multi trillion dollar problem by offering a dramatically faster and cheaper bridge for cross border payments. @Ripple already works with regulators, banks and financial institutions (like @MoneyGram) to implement this around the world."

The timing of this letter makes sense since on Tuesday (July 30), the U.S. Senate Committee on Banking, Housing, and Urban Affairs (aka "Senate Banking Committee") is conducting a full committee hearing titled "Examining Regulatory Frameworks for Digital Currencies and Blockchain." 

The witnesses will be Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle, who is giving testimony on behalf of the Blockchain Association; Rebecca M. Nelson, a Specialist in International Trade and Finance at the Congressional Research Service; and Mehrsa Baradaran, Professor of Law at University of California, Irvine School of Law.

You can watch this hearing live on the U.S. Senate's website. It will start at 10:00 (Eastern Time or 04:00 UTC) on July 30.

So, what happens when Mr. Allaire goes to Washington?

As Circle pointed out in a blog post published on July 24, Circle CEO Jeremy Allaire will be "the sole crypto-industry representative" testifying about the need for greater regulatory clarity around crypto. 

Circle says that:

  • It is "the most regulated, licensed, and compliant crypto-finance company in the world," holding "an E-Money Issuer License to operate in the European Economic Area, Money Transmitter Licenses in 48 US states, and the first BitLicense to be awarded by the New York Department of Financial Services."
  • It recently became the first major firm in the crypto space to receive "a comprehensive Digital Assets Business License" from Bermuda for its new international operations base.

Crypto Market Update: Ethereum (ETH), XRP, Bitcoin Cash (BCH), and Chainlink (LINK)

Siamak Masnavi

This article provides: an overview of how Ethereum (ETH), XRP, Bitcoin Cash (BCH), and Chainlink (LINK) has been doing over the past 24-hour period; a recap of interesting recent news that might have affected their prices (or might do so in the future); and recent useful observations from Crypto Twitter regarding these cryptocurrencies.

To give you a rough idea of how well the crypto markets are doing today, 13 out of the top 20 cryptoassets (by market cap) are currently in the green (against the dollar). 

All market data used for the price charts in this article was taken between 15:30 UTC and 16:00 UTC on 22 October 2019 from CryptoCompare, which also generated the price charts shown in this article.

Ethereum (ETH)

ETH-USD 24 Hour Chart - 22 Oct 2019.png

Since October 16, ETH has been trading between $170 and $180. 

Earlier today, Hudson Jameson, Community Manager at Ethereum Foundation, said on Twitter that he is not happy with Ethereum's current governance structure and asked the crypto community for suggestions on how it could be improved:

Ethereum Foundation researcher Vlad Zamfir had this say in his reply to Jameson's tweet:

XRP

XRP-USD 24 Hour Chart - 22 Oct 2019.png

Although XRP is up only slightly down, in the past 30-day period, the XRP price has risen 6.96%. 

Earlier today, Ripple announced that it had expanded its global regulatory team and opened an office in the heart of Washington, DC. Furthermore, Craig Phillips, former Counselor to the Secretary at the U.S. Treasury Department, is now part of Ripple's Board of Directors. Lastly, Ripple has become a member of the Blockchain Association, and Michelle Bond, Ripple’s Global Head of Government Relations, will be sitting on its board.

Bitcoin Cash (BCH)

BCH-USD 24 Hour Chart - 22 Oct 2019.png

On October 17, CryptoGlobe reported that Changpeng Zhao (aka "CZ"), Co-Founder and CEO of Binance, the world's largest crypto exchange by trading volume, had proposed (on the Binance community forum) the idea of listing BCH on Binance DEX, Binance's decentralized exchange platform.

In his post on the Binance community forum, CZ said that Binance was proposing to list (on Binance DEX) BCH-1FD, "a pegged token that tracks the value of the native asset of the Bitcoin Cash" to allow "Binance DEX users to trade BCH on the DEX." CZ went on to say:

BCH-1FD is backed by real BCH assets, and Binance, the largest cryptocurrency exchange, will provide conversion between BCH and BCH-1FD through deposit/withdraw. As such, there isn’t much development work in this token or any potential of conflict of interest.

Yesterday, Binance announced that Binance DEX had listed this new token (i.e. BCH-1FD) and that trading in the pair BCH/BNB had gone live. Since then, there have been 2116 transactions.

Chainlink (LINK)

LINK-USD 24 Hour Chart - 22 Oct 2019.png

Chainlink continues having a great October, going up almost 10% today (highest gainer among the top 20 cryptoassets).

Chainlink continues to impress the crypto markets with a non-stop flow of partnership announcements; the latest one came yesterday when blockchain startup Ultrain announced via a blog post that it "will officially integrate with the Chainlink oracle network."

Chainlink's highly impressive return on investment (ROI) figures for the past seven days, 30 days, three months, and one year are +16.04%, +52.82%, +15.71%, and +607.18% respectively.

 

Featured Image Credit: Photo via Pixabay.com