Stuart Alderoty, the Chief Legal Officer (CLO) of Ripple, has expressed his support for the US Senate’s rejection of the controversial cryptocurrency regulatory proposal put forth by the Securities and Exchange Commission (SEC). This bipartisan action highlights the growing recognition of the importance of responsible cryptocurrency innovation and regulation.
The SEC’s Staff Accounting Bulletin (SAB) 121 rule has caused significant concern in the banking and cryptocurrency industries, particularly regarding its potential impact on the custodial services provided by regulated banks. Alderoty, a strong advocate for Ripple, welcomed the Senate’s decisive rejection of the SEC’s proposal. He viewed this as a major victory against what he perceives as the SEC’s unwarranted expansion of authority under Chair Gary Gensler.
This bipartisan resistance is significant as it showcases the increasing influence of key participants in the cryptocurrency market. Ripple is at the forefront of promoting innovation and regulatory clarity in the digital asset markets. The Senate’s rejection of SAB 121 reflects a broader bipartisan movement in favor of reasonable cryptocurrency regulation. Alderoty emphasized the importance of collaborating with members of different political parties to shape cryptocurrency-related laws. The Senate’s vote demonstrates this cooperative attitude and suggests a potential shift in the regulatory landscape that could benefit the growth and advancement of the cryptocurrency sector. Alderoty’s views align with other well-known figures in the cryptocurrency community.
Michael Saylor, co-founder of MicroStrategy, also emphasized the need to protect the rights of bitcoin owners and expressed similar opinions. Additionally, SEC Commissioner Hester Peirce, known as “Crypto Mom,” criticized the agency for its inconsistent approach to cryptocurrency regulation. Notably, prominent pro-XRP attorney John Deaton criticized the SEC and Elizabeth Warren for prioritizing political objectives over investor security.
At the time of writing, XRP’s value was approximately $0.5242, representing a 1.43% increase in the last 24 hours, according to CoinGecko data. XRP has also experienced a positive trend over the past seven days, rising by 4.18%.