Ripple exec slams ‘Stablecoins Are Securities Act’; claims Libra accelerated crypto talks

Ripple has been on the good books of the lawmakers lately while the same cannot be said about Facebook and Libra. The blockchain firm’s CEO Brad Garlinghouse had previously expressed his interest and excitement over the social media giant’s token. This did not last long. As time went by, the CEO started doubting Facebook ability to launch Libra.

And as the proposed token was still in troubled waters, what it did, however, was initiated the much-needed talks between the cryptocurrency sector and the lawmakers with the latter still trying to decipher the dynamics of the space. Along the same line, Ripple’s Manager of Government Relations, Ron Hammond, while speaking at San Francisco Blockchain Week 2019, 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 [that] the lack of education leads to bad legislation.”

Hammond criticized the bill titled ‘Stablecoins Are Securities Act’ and blamed the lack of education on the cryptocurrency and digital asset industry. This proposed legislation appeared to be a response to Libra’s introduction and has not been received well by the community. According to Ripple’s Manager of Govt. Relations, though members who participated in such bills have their “rightful concerns” about Libra, he believes that the “legislation is rushed”. Hammond stated,

“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 [that] everyone is knowledgable so they that know the ramifications of passing laws such as these.”

He further stated that there needs to be a well-thought-out plan to ensure the protection of the customers while simultaneously promoting innovation.