Ripple attempts to pacify US regulators after libra hearings

Payments service provider says crypto assets would be complementary to dollar

ripple cryptocurrency_Getty - web.jpg
Open letter: Ripple’s move comes two days before hearings on regulatory frameworks for crypto assets and blockchain

Payments service provider Ripple has said crypto assets do not pose a threat to central bank control of monetary policy, following libra’s critical response from US lawmakers.

In an open letter to the US Congress, Ripple made an attempt to placate regulators by stating that crypto assets would be complementary to the dollar, while encouraging greater financial inclusion and economic growth.

Facebook’s libra faced harsh criticism from Congress earlier this month, with lawmakers describing the

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