The Head of Ripple Stated that the Community Is Obliged to Interact with Regulators

The head of Ripple, Brad Garlinghouse, claimed in an interview with the SNBC channel that the community of the cryptocurrency world is obliged to interact with regulators to ensure that the development of the system does not stop.

Garlinghouse believes it is extremely important that the players of the cryptocurrency world finally understand the degree of the necessity to work together with regulators, but not against them.

According to the head of Ripple, the Bitcoin community’s attitude towards the regulators is the most radical, some of its members assure that the banking system is obsolete and should not be used, and extremely ideological people even talk about the uselessness of governments.

“There are some within the bitcoin community that really advocated not just down with banks but down with governments, we have been a contrarian relatively speaking in that regard,” said Garlinghouse.

It is worth noting that today the only legal definition of the status of cryptocurrency is provided by the district court in the United States. According to this definition, all virtual money is equated to goods. Although in the nearest future different countries can introduce their definitions. For example, according to the current Russian legislation, cryptocurrencies can be equated to securities in this country.

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