Ripple Executives urge US Congressmen to clarify cryptocurrency regulations, price shows increasing bullish momentum

Ripple CEO, Brad Garlinghouse, and Executive Chairman and Co-founder of Ripple, Chris Larsen, have urged US Congressmen to clarify cryptocurrency regulatory ambiguity in the United States. In a full-page ad in the Wall Street Journal, the Ripple executives said:

“Dear Congress, Please do not paint us with a broad brush.

Many in the blockchain and digital currency industry are responsible actors. We are responsible to US and international law. We are responsible to serving the greater good.

We don’t take for granted the vital role of central banks in issuing currencies and settling 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.

Companies like ours in the United States, and others abroad, employ these innovations in partnership with regulated financial institutions to enable the world to move money across borders like it already moves information – efficiently, reliably, inexpensively. In our view, digital currencies have the opportunity to complement existing currencies like the US dollar – not replace them.

Without a doubt, blockchain and digital currencies will engender greater financial inclusion and economic growth not unlike the Internet’s historic impact. As it did with the Internet, the US has the chance to lead the way, nurturing this economic opportunity while continuing to protect privacy and stability.

We urge you to support regulation that does not disadvantage US companies using these technologies to innovate responsibly, and classifies digital currencies in a way that recognizes their fundamental differences – not paining them with a broad brush.

Without regulatory clarity, we risk pushing the innovation, tax revenue and jobs that these new technologies create overseas.

You have the world’s attention. Let’s come together and seize the moment.”

XRP/USD daily chart

XRP/USD has consolidating before it had a bullish breakout this Tuesday and went up from $0.310 to $0.318 this Tuesday. The price went down a little to $0.317 so far this Wednesday. The 20-day simple moving average (SMA 20) has taken a turn is acting as immediate market resistance. The moving average convergence/divergence shows increasing bullish momentum, while the Elliot oscillator has had six straight bullish sessions.