The San Francisco-based blockchain startup Ripple called on the US Congress to create a friendly cryptocurrency regulation that would not restrain its development. This week US Senate will hold hearings dedicated to this issue.

Brad Garlinghouse, CEO of Ripple, and Ripple co-founder and executive chairman Chris Larsen wrote an open letter to the US Congress in which they urged not to slow down the development of fintech innovations and develop friendly regulatory standards for cryptocurrencies.

“We urge you to support regulation that does not disadvantage U.S. companies using these technologies to innovate responsibly, and classifies digital currencies in a way that recognizes their fundamental differences—not painting them with a broad brush. Without regulatory clarity, we risk pushing the innovation, tax revenue and jobs that these new technologies create overseas,” the letter reads.

Garlinghouse and Larsen draw the attention of congressmen to the fact that there are many organizations in the crypto industry that are responsible and comply with the US and international legislation and set themselves the goal of serving the common good.

“Companies like ours in the United States, and others abroad, employ these innovations in partnership with regulated financial institutions to enable the world to move money across borders like it already moves information—efficiently, reliably, inexpensively. In our view, digital currencies have the opportunity to complement existing currencies like the U.S. dollar—not replace them.”

The authors of the letter noted that digital currencies and the blockchain technology will lead to economic growth, like Internet did, and the United States has a chance to become the leader in this field.

“You have the world’s attention. Let’s come together and seize the moment,” concludes Garlinghouse and Larsen.

On 30 July, the US Senate Banking Committee will hold a hearing on the regulatory framework for blockchain-based companies and cryptocurrencies. The open meeting entitled “Examining regulatory frameworks for digital currencies and blockchain” will be attended by third-party experts: Jeremy Allaire, co-Founder, chairman and CEO of Circle, who will represent also The Blockchain Association, Rebecca M. Nelson, specialist in international trade and finance from the Congressional Research Service, and Mehrsa Baradaran, professor of law from the Irvine School of Law (University of California). The hearings will be broadcast live on the committee’s official website.