Brad Garlinghouse, the Chief Executive Officer of Ripple Labs Inc., along with the co-founder of the company, Chris Larson, released an open letter to the Congress of the United States.
The letter was published on July 28, 2019. In the previously mentioned letter, the two crypto businessmen said that Ripple, along with other companies involved with crypto coins and the blockchain network are responsible and respect and follow laws both in the United States and abroad.
In addition, most crypto companies including Ripple, want to cooperate with authorities and financial institutions to use the novel technology for good. Lastly, Ripple perceives crypto coins as supplements to traditional centralized currencies not as a replacement.
They also encouraged the U.S. Congress to examine crypto coins and understand that not all of them are equal and to promote regulations which enable crypto coins and blockchain to operate in a responsible way.
The letter was released two days before the Senate Committee on Banking, Housing and Urban Affairs of the United states holds a hearing concerning cryptocurrencies. The hearing will be about regulations on crypto coins and the blockchain technology.
Jeremy Allaire, the Chairman and Chief Executive Officer of Circle, a crypto company, will be the witness during the hearing and will testify on account of the Blockhcain Association.