Libra outlines “a new fiat currency” attracting regulation says Ripples Brad Garlinghouse

The Secretary of the United States Treasury Steve Mnuchin July 15 press conference themed around Facebook’s Libra has resulted in a lot discussion from leaders in the cryptocurrency industry. The unexpected conference comes barely a week since President Donald Trump said that he was not a fan of Bitcoin and other cryptocurrencies.

According to the CEO of Ripple, Brad Garlinghouse who was responding to Mnuchin remarks about Libra, the cryptocurrency industry success is tied upon working hand in hand with the lawmakers. Mnuchin said that Libra raises several concerns one of them being privacy and that Facebook will have to clear the concerns before launching.

“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.”

In a message directed towards Libra, Garlinghouse said:

“When I read the Libra whitepaper – outlining a goal to create a new fiat currency – it was clear to me that the effort should be held to the same standard as other regulated financial institutions.”

Also read: Brad Garlinghouse: “Ripple (XRP) is uniquely equipped to solve a multi-trillion-dollar problem”

Garlinghouse went ahead to tell participants in the cryptocurrency industry to stop sidelining the regulators as working against regulation hinders progress.

“I hope there is no ‘ignoring, laughing or fighting’ as it relates to regulation of crypto. If we want to maximize progress forward, it’s about working with the existing financial system – not against it.”

“If not, we risk squashing innovation here in the US, and letting foreign interests take control of this new sector of our global economy.”