Ripple has been keen with its move for XRP global adoption. Cryptocurrency has generally been facing stern challenges and scrutiny lately, especially in the United States Congress.
Ripple as the payment company that serves XRP recently sent an official letter to US Congressmen. In corroboration with the company’s stance, Brad Garlinghouse lobbies for XRP’s adoption as he solicits congressional fair hearing.
All cryptocurrencies, especially Bitcoin and the forthcoming Facebook’s Libra have lately been facing stern challenges and scrutiny in the United States Congress. This criticism became more complicated after Donald Trump’s negative tweets about the present and potential threats embedded in cryptocurrencies.
The aftermath of the tweet greatly reflected on virtually all digital currencies, including Ripple XRP. The crypto market has actually not recovered from the price nosedive it underwent in the middle of the backlash. The United States President cited that the unchallenged thriving of cryptocurrencies would encourage money laundering and various vices.
This regulatory pressure has led Facebook, the giant social media to envisage on chances of launching the much talked about Libra currency. In a portion of the firm’s latest quarterly report, it stated that the ongoing regulatory measures could forfeit its grand plan of launching the cryptocurrency.
Ripple’s Letter to United States Congress
Ripple has actually worked to aid the exposure and global adoption of all digital currencies. The payment company recently sent a letter to the United States Congress.
In the letter, Ripple stressed that the Congressmen should not paint all cryptocurrencies alike, stating that some digital currencies have made it a necessity to complement fiat currencies.
Some digital currencies offer the opportunity to complement fiat currencies—not replace them. Please don’t paint all with the same broad brush. Read our letter to U.S. Congress: https://t.co/KM80wHXwUa pic.twitter.com/boum2h3QQA
— Ripple (@Ripple) July 29, 2019
Brad Garlinghouse Corroborates the Company’s Stance in a Bid to Enhance Ripple XRP Global Adoption
Brad Garlinghouse, CEO at Ripple has come out plainly to corroborate the recent letter sent to United States Congress by his company. He pointed that the crypto sphere is indeed at a crucial point, where a set of people’s decision could leave a long-term effect (positive or negative) on the blockchain ecosystem.
Garlinghouse then solicited for the fair hearings on blockchain, stating that Ripple as a company is ready to work with the government and financial institutions all over the world. He also clarified that cryptocurrencies are not the same.
“This industry is at a crossroads. On the eve of more congressional hearings on blockchain, we Ripple want to make things clear – not all crypto is the same, and we’re committed to partnering with govts and financial institutions globally.”
With the look of things, Ripple CEO is keen on seeing XRP’s adoption sooner than later, starting from the United States, the most powerful country in the world. He knows the impact of winning the trust of the majority of the Congressmen on the value and future of XRP.
Ripple XRP and other Cryptocurrencies in the Market
Ripple XRP is so far the best performer among other digital currencies in the market. Howbeit, the cryptocurrency still struggles with others in its travail to recover its lost deficit. At the time of filing this report, XRP is trading at $0.315843, with 2.23% price upsurge in the last 24 hours.
Bitcoin (BTC), the largest cryptocurrency by market cap has not made any significant increase lately. It has so far been revolving around $9,500 resistance level. Other top digital currencies are as well subjected to the same market condition.