Today is an important hearing in the US Senate on cryptocurrency and blockchain. News outlet Bloomberg gives a kind of preview at the hearing with Monica Long, marketing manager at Ripple. She is questioned about her expectations regarding the hearing.
Monica Long says exactly the same as Brad Garlinghouse, the CEO of Ripple. He previously wrote an open letter to the US Congress, in which he argued (naturally) for favorable regulations in the US.
Don’t skim over
She says that Ripple and XRP work within the limits of the traditional financial system and do not break any rules. She sees XRP, the corresponding token, as an addition to the current ruling currency, the US dollar. XRP is not intended as a substitute for the USD. Long also claims that Ripple complies with existing regulations all over the world, and can therefore be seen as a reliable party.
Garlinghouse said about this:
You just want to make sure you don’t get caught in the barrage. It is important to me that when regulators start asking questions, they don’t throw us in one big bucket.
According to Long, what is important is that the US must endeavor to recognize different cryptocurrency with different use cases as such. There must be classifications and labels that recognize the fundamental differences between each coin. And here the debate on regulation should also be keen, because that is how the bad and unreliable players in the market can be distinguished from the innovative legitimate companies.
Hearing is this afternoon
Recent conference hearings have shown that US lawmakers are not yet ready to welcome cryptocurrencys with open arms. Those hearings are urgently delighted to be able to respond to Facebook’s new-baked coin. What emerged during these hearings is that most politicians are well aware of the potential and potential danger of Libra and the accompanying wallet. Bitcoin was also occasionally referred to, whereby the decentralized character was praised.
Circle’s director is Jeremy Allaire, speaking on behalf of the Blockchain Association this afternoon during the hearing. In addition, Rebecca Nelson, member of the Congressional Research Service and specialized in international trade, and Mehrsa Baradaran, a law professor at the University of California, testify at the hearing.
Do you want to follow the hearing yourself? This is possible from 16.00 Dutch time on the website of the American senate.