CEO Ripple urged U.S. authorities to ensure clarity in the regulation of cryptocurrencies

Ripple CEO Brad Garlinghaus and Chris Larsen, Chairman of the Board of Directors of the company, jointly prepared an open letter to the U.S. Congress regarding the problems of regulating the cryptocurrency space.

Garlinghaus and Larsen note that without regulatory certainty there are risks for innovation, taxation and job creation.

"We call for support for regulations that will not harm U.S. companies that use these technologies to foster responsible innovation," the letter says.

Ripple leaders also call on American legislators to develop a classification of digital currencies based on their fundamental features.

The authors of the letter note that cryptocurrencies can "supplement" fiat currencies "without replacing them", while the U.S. is able to assume the role of a leader in this space.

"Many blockchain and digital currency players are responsible. We are accountable to U.S. and international law. We are in charge of the good work," write Garlinghaus and Larsen.

The letter was prepared in anticipation of the hearing at the U.S. Banking Committee of the U.S. Senate on the regulation of cryptocurrencies, which will be held on July 30.