Lately, Ripple has been on the good books of the lawmaker, however, we can’t say the same when it comes to Facebook and Libra. Brad Garlinghouse, Blockchain’s CEO had earlier shown interest in Facebook’s token, however, that didn’t last long, and with time, Brad started doubting if Facebook got what it takes to launch Libra.
The Token was still in a difficult situation, but it did start the much-required talk between the lawmakers and the cryptocurrency where lawmakers are still trying to decrypt the dynamics of space. While speaking at San Francisco Blockchain Week 2019, Ripple’s Manager of Government relations, Ron Hammond discussed various aspects including Libra, why Ripple intends to educate and work with policymakers and so on. Commenting on Libra, he said;
“I think whatever anyone’s view is on Libra the fact of the matter is at least in DC it has accelerated conversation for crypto encrypted regulation and blockchain as a whole which is really exciting because that’s really been cool to see that this comes to the forefront of a lot of committees. I mean the concerns are warranted but my major concern is the lack of education leads to bad legislation,”
Harmond denounces the “Stablecoins are Security Act” bill and asserts that the reason behind this is the lack of education on the digital asset industry and cryptocurrency.
“My major concern is the lack of education leads to bad legislation the token taxonomy act took nearly two years to craft but now in the wake of Libra and in the wake of a lack of proper education from the industry we’ve seen bills like stable coins or Securities Act as well as keeping tech out of finance because these are concerns that these members they’re coming from a good place they write they have their rightful concerns about Libra but the legislation is rushed and in that case you know we don’t want to pass bad legislation” said Harmond.
According to him, Ripple is working to ensure government authorities fully understand various aspects that revolve around crypto and decentralized technology. He thinks this knowledge would eventually enable regulations to pass “well-thought-out legislation which he referred to “the Token Taxonomy Act”.
“We want to make sure the members of Congress are fully educated so that they can pass well-thought-out legislation like the Token Taxonomy Act. I’m not saying it has to take two years worth of crafting but we want to make sure everyone is knowledgeable so they that know the ramifications of passing laws such as these,” stated Hammond
Further, Ron says that a regulatory framework is required in the first place. He says that there is a need for a well-thought plan to secure the protection of the customer and at the same time promote innovation.