For the past few weeks, Facebook (NASDAQ:FB) has been the focal point of discussions regarding cryptocurrency regulation around the world. After the social media network announced last month that it was planning a blockchain-based payment platform named Libra, U.S. regulators reacted rather overzealously. Project head David Marcus has been called before several regulatory bodies including the Senate Banking Committee and the House Financial Services Committee. Amongst a slew of difficult questions and damning indictments, Marcus has been asked repeatedly to halt development of the Libra project. Lawmakers reportedly fear that the network could be used to facilitate fraudulent activities like money laundering and some claim it could even destabilize the global economy.
Pre-empting the possibility that other blockchain projects could now become embroiled in the controversy, Ripple has decided to address the situation proactively. In its open letter, Ripple executive chairman Chris Larsen and CEO Brad Garlinghouse appeal to Congress to not "paint us with a broad brush."
The letters go on to reassure lawmakers that many in the digital currency industry are responsible actors. "We ...