Executives at Ripple, the company behind the XRP token, have sent an open letter to Congress pleading to not legislate them out of existence. In it, the firm claims to be one of the digital currency space’s most “responsible actors” and states that to lump them in with other projects would be unfair.
The tone of the letter suggests that the two executives are very afraid of how forthcoming US regulations will impact the firm. Unlike Bitcoin, XRP and Ripple can very much be stopped in their tracks if lawmakers decide to do so.
Ripple to Congress: We’re Not Like the Rest, Honestly
In the nauseating letter from Ripple executives, the digital currency payments firm has begged US Congress to consider so-called “responsible actors” in the cryptocurrency industry. The news comes in the wake of various concerned rumblings about cryptocurrency from the United States government of late.
The letter begins with the executives requesting that the US lawmakers consider that different companies have different goals in the blockchain and cryptocurrency industry The executives write:
“Please do not paint us with a broad brush.”
They follow this up by stating that many in the industry are “responsible” not only to US and international law but also to serve “the greater good.”
Ripple then commits what many would claim amounts to a cardinal sin in cryptocurrency circles – claiming that central banks and governments are perfectly suited to issue currency.
“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.”
The glowing endorsement of government-issued currency truly boggles the mind when you consider that Ripple themselves clearly thought government-issued fiat broken enough to create their own currency with an entirely different monetary policy to the United States dollar. Surely, if their words were sincere, XRP would have been the first ever example of a fiat-backed stable coin?
“In our view, digital currencies have the opportunity to complement existing currencies like the U.S. dollar—not replace them.”
The executives then play on the lawmakers’ self-interest, stating that favourable regulation of the industry would allow the US to lead, as it did with the internet. This, they insist, would create additional jobs.