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Just watched @stevenmnuchin1’s press conference on regulating crypto and have personally spoken to him on this topic. I’ve also been ruminating on @realdonaldtrump’s tweets on crypto last week. (1/7)
I agree that crypto isn't likely to replace fiat currencies - I have been very vocal that crypto isn’t likely to disrupt the US dollar and other G20 currencies in my lifetime. (2/7)
But as Mnuchin indicated, the entire crypto industry should not be painted with one broad brush - it has come a long way since the days of Silk Road. For the industry to succeed, we need to work with regulators and within policies. Full stop. (3/7)
When I read the Libra whitepaper - outlining a goal to create a new fiat currency - it was clear to me that the effort should be held to the same standard as other regulated financial institutions. (4/7)
XRP is uniquely equipped to solve a multi trillion dollar problem by offering a dramatically faster and cheaper bridge for cross border payments. @Ripple already works with regulators, banks and financial institutions (like @MoneyGram) to implement this around the world. (5/7)
I hope there is no “ignoring, laughing or fighting” as it relates to regulation of crypto. If we want to maximize progress forward, it’s about working with the existing financial system - not against it. (6/7)
If not, we risk squashing innovation here in the US, and letting foreign interests take control of this new sector of our global economy. (7/7)
