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Ripple CEO encourages U.S. regulators to embrace the crypto industry

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In a recent series of tweets, Ripple CEO Brad Garlinghouse has once again asked regulators to 'lean' towards cryptocurrencies.

Otherwise, the United States will find it difficult to compete with China, whose control over payments with cryptocurrencies and fiduciaries is being strengthened.

Garlinghouse refers to the article published by Foreign Affairs, which describes how the soon-to-be launched digital currency in China could topple the US dollar, the world's dominant reserve currency.

The piece claims that the United States is years behind China when it comes to the pace of digitization. This could reverse the country's apparently unassailable economic influence.

Once the digital yuan gains strength beyond China's borders, the United States will no longer be able to paralyze the economies of its enemies simply by cutting them off from the SWIFT network.

It also focuses on the differences between the cryptocurrency that will be fully controlled by the People's Bank of China (PBoC) and decentralized cryptocurrencies like Bitcoin.

Regulatory jitter

The Ripple chief also emphasizes that XRP and other public assets are not exempt from regulatory oversight despite the article stating that they are struggling for legitimacy.

In 2019, he wrote a letter to the U.S. Congress, requesting not to paint all digital assets with a single brush while predicting that the 99% of all cryptocurrencies could go to zero.

Garlinghouse encourages members of the cryptocurrency industry to work hand in hand with regulators.

Still, there is strong anti-regulatory sentiment as Bitcoin was initially viewed as an innately libertarian currency. For example, ShapeShift CEO Erik Voorhees criticized the Winklevoss twins for their controversial 'Revolution Needs Rules' campaign.





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