Ripple CEO Discusses His Talk with US Treasury Chief, Warns US Lawmakers May Lose Crypto Industry to Foreign Investors

Ripple founder tweets he has spoken to the US Treasury chief about possible regulation of crypto by president Trump and expresses his thoughts to the community

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After the recent statement of Steven Mnuchin, the secretary of the US Treasury about siding with president Trump regarding cryptocurrencies and calling crypto a national security threat and expressing his concerns about Facebook’s Libra, Brad Garlinghouse, the Ripple CEO, has had a discussion with him.

The head of the crypto giant has shared the outcome and his thoughts in a series of recent tweets.

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Collaboration with the financial system is a priority

Garlinghouse says he agrees with Mnuchin who doubts that cryptocurrency can ever replace fiat money, such as USD or EUR, at least while Garlinghouse is alive. 

The recent critics of Bitcoin and crypto expressed by the US president Trump has got the head of Ripple to long and hard thinking.

The results of this thinking seems to be the thought that lacks any innovation – Garlinghouse believes that regulation of crypto and blockchain is the key to further development of the industry.

For the industry to succeed, we need to work with regulators and within policies. Full stop.

It is crucial to realize, he adds that a lot of legal businesses are working around crypto assets and the industry has changed a lot since Silk Road was shut down.

Foreign interests may take control over the industry in the US

Further, Brad Garlinghouse warns that even though the crypto industry must be regulated appropriately, it must not be ignored, otherwise lawmakers can run a risk of foreign interests taking control over it in the US.

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Yuri Molchan

Yuri entered the crypto sphere at the BTC price peak in 2017, quickly turning into a crypto enthusiast. He has written for several media, covering everything from TA to ICOs and crypto regulations. Presently is a news writer, working with crypto and blockchain-related topics.