Ripple to Congress:  don't paint us with one brush

Ripple sent an open letter to the U.S. Congress intending to explain the differences between various blockchains and digital currencies. 

The letter signed by Brad Garlinghouse, CEO of Ripple & Chris Larsen, Executive Chairman and Co-founder of Ripple, starts with a plea not to paint all projects "with one broad brush." 

The company says that the majority of the projects are responsible actors willing to comply with international laws and regulations.

Moreover, they do not question the vital role of central banks and governments.

"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," they say in the letter.

Many blockchain companies both in the U.S. and abroad strive to cooperate with regulated financial institutions. They believe that digital currencies can complement and improve the existing monetary system and co-exist with such global currencies as the U.S. Dollar, but not replace them.

They emphasized the innovative aspect of the technology that might become the next big thing after the internet, and urged the authorities to avoid restrictive approach as it might be detrimental to the technological and innovation profile of the country.

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

The letter was posted on the Ripple's website.