Ripple Chief Legal Officer, Stuart Alderoty, recently discussed the ongoing battle for regulatory clarity in the cryptocurrency industry during an episode of TechCrunch’s Chain Reaction podcast. Alderoty emphasized the need for a rational and comprehensive regulatory framework for cryptocurrencies in the United States, stating that despite a recent federal court ruling that determined XRP is not a security when sold to the general public, Ripple’s fight is far from over.
The recent court ruling was a significant win for Ripple and the broader crypto community. However, the U.S. Securities and Exchange Commission (SEC) made it clear that they disagree with the decision. In a statement issued after the ruling, the SEC expressed their belief that the verdict on secondary market sales was “wrongly decided” and that the court should not follow it. The agency is now exploring other avenues for further review.
Nevertheless, Alderoty remains confident in the judge’s ruling and believes that a court of appeals will affirm it. He also suggests that this decision will serve as a precedent to reassure other judges that the SEC’s approach to cryptocurrencies is misguided. While this ruling clarified the status of XRP, the broader regulatory landscape for cryptocurrencies in the United States is still uncertain.
Alderoty argues that the SEC’s failure to faithfully apply the law has caused the United States to fall behind other countries in the crypto space. Ripple is committed to continuing the fight for regulatory clarity and is not backing down from the likely appeal by the SEC. The comments by Alderoty reflect the industry’s need for a sensible and comprehensive regulatory framework that provides clarity and certainty for crypto businesses. Until such a framework is in place, the industry will continue to face uncertainty and challenges.
Related Post
In addition to Ripple’s efforts, XRP holders from across the political spectrum have joined forces to fight for regulatory clarity. John Deaton, a lawyer and one of the leaders of the 75,000-strong group of XRP holders, highlighted the diversity and bipartisan nature of the group. In a tweet, Deaton mentioned that the group includes Republicans, Democrats, Independents, Progressives, Conservatives, Capitalists, Socialists, Libertarians, and more.
Deaton expressed disappointment in the perceived anti-crypto stance of the Democratic Party, led by Senator Elizabeth Warren and SEC Chairman Gary Gensler. However, he noted that the recent vote by six Democrats against a proposed amendment to the infrastructure bill that would have imposed new reporting requirements on crypto transactions was a significant blow to the anti-crypto campaign. This development indicates that cracks within the political sphere could lead to a breakthrough in the fight for regulatory clarity and fairness for the crypto industry.
The proposed amendment to the infrastructure bill was heavily criticized by the crypto community for being overly broad and potentially damaging to the industry. The six Democrats who voted against the amendment received praise from many in the industry for their support of crypto and their recognition of the need for sensible regulation.
While the fight for regulatory clarity in the crypto industry will undoubtedly continue, the bipartisan support for crypto and the recent vote against the amendment are positive signs for the industry’s future. As Deaton suggests, the diversity of the XRP holder group and the growing political support for crypto could play a pivotal role in bringing about positive change for the industry.
In conclusion, Ripple and the broader crypto community have achieved a significant victory with the recent court ruling on XRP’s status. However, the battle for regulatory clarity is far from over. Ripple’s Chief Legal Officer, Stuart Alderoty, remains confident in the judge’s ruling and expects a court of appeals to affirm it. On top of Ripple’s efforts, XRP holders from various political backgrounds have come together to support the fight for regulatory clarity. The recent vote against a proposed amendment to the infrastructure bill indicates growing bipartisan support for crypto. These developments give hope for the future of the industry, but the need for a comprehensive regulatory framework is more important than ever.
