NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ripple Execs Beg US Congress for Lenient Crypto Regulations

Rick Delafont
Rick Delafont
5 years ago
3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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.”

Some digital currencies offer the opportunity to complement fiat currencies—not replace them. Please don’t paint all with the same broad brush. Read our letter to U.S. Congress: https://t.co/KM80wHXwUa pic.twitter.com/boum2h3QQA

— Ripple (@Ripple) July 29, 2019

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.

Evidently, Ripple is fearing the worst from the regulators after Bitcoin was recently branded a national security issue by Treasury Secretary Steven Mnuchin and President Trump expressed his disdain for the financial technology via Twitter. The letter hints that the firm may be anticipating a cryptocurrency blanket ban of some description.

Naturally, such a ban would likely destroy US-based Ripple. Since many financial regulators follow the US lead in terms of policy, it would likely have a knock on effect for every other crypto asset that is supported by a centralised company. Amusingly, the most likely to survive would be Bitcoin, arguably the most anarchic and anti-government of all digital currencies.

That’s not to say that Bitcoin would thrive in such an environment but it would be incredibly difficult (or impossible) to stamp out in quite the same way that Ripple’s XRP could be terminated. It seems likely that faced with such hostile government policy, Bitcoin would just become more troublesome for the powers that be. Open-source developers from all corners of the globe would implement privacy-enhancing and anonymity technologies, such as Mimblewimble, at the base layer.

The resulting Bitcoin would be far less adopted by the everyday public but would much more closely resemble the ultimate-tool-for-cybercrime today’s transparent, open Bitcoin is often wrongly portrayed as.

 

Related Reading: Ripple (XRP) Prices in Consolidation Mode Despite Institutional Demand

Featured Image from Shutterstock.
Tweet123Share196ShareSend
Rick Delafont
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Bitcoin Exchange Outflows Continue To Rise: Investor Confidence At An All-Time High?

The price of Bitcoin (BTC) has not been particularly impressive over the weekend, which has been a somewhat consistent theme...

Opeyemi Sule 13 hours ago
Bitcoin

Bitcoin Meets Heartbreak In Drake’s Latest Track—Details

Grammy‑winning artist Drake has just put out a new track called What Did I Miss? that makes a clear link between...

Christian Encila 14 hours ago
Bitcoin

Are Bitcoin Retail Traders Back In The Market? On-Chain Data Suggests So

Bitcoin started the month of July with a convincing rally to the upside, suggesting a sustained bullish sentiment amongst investors...

Opeyemi Sule 16 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

本月最熱門迷因幣價格反彈:哪些冷門項目有望暴漲100倍?

Mark Mak 11 minutes ago
XRP Price Strengthens

XRP Price Strengthens — Eyes Set on Key Resistance Levels

Aayush Jindal 2 hours ago
XRP

XRP Eyes Breakout As Analysts Predict Rally Alongside Real-World Adoption

Scott Matherson 8 hours ago

Premium Sponsors

Press Releases

  • Make $8,000 a day in stable passive income easily –...

    13 hours ago
  • SunnyMining——A passive income tool that allows ordinary...

    14 hours ago
  • Cryptocurrency is the best way to get rich quickly, easily...

    1 day ago
  • XRP Cryptocurrency × Dogecoin Mining: HASHJ launches...

    2 days ago
  • Koja kriptovaluta ima veći potencijal za stvaranje milijunaša XRP ili Shiba Inu

    Koja kriptovaluta ima veći potencijal za stvaranje...

    2 days ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.