Legal Head of Ripple Demands ‘Rational’ Crypto Regulation, Calls on US to Stop Prioritizing Politics Over Good Policy

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Last Updated on October 15, 2023 by Bitfinsider

Stuart Alderoty, the chief legal officer of Ripple, talked about US cryptocurrency legislation this week on social media and in an interview with CNBC. On Thursday, he wrote: “We need to stop elevating politics over sound policy in the US, and look to the way that Singapore, UK, EU, & Dubai have set clear frameworks and licenses. No wonder crypto innovation is thriving in these regions.”

Alderoty claimed on CNBC that international locales, such as Singapore, the UK, the EU, Dubai, Brazil, Australia, and Japan, have “rational” crypto rules. He emphasized that these countries had “reasonable regulatory frameworks that are seeking to say: “Hey, look if you want to come into our country and develop this innovation, you can do it, so long as you satisfy our rigorous regulatory regime.’”

The chief legal officer of Ripple, on the other hand, claimed that “we have lost our way” in the United States “because we have politics and power being elevated over sound policy.” He added that rather than concentrating on the best possible policy outcome, several agencies in the U.S. are engaged in a regulatory battle for control of the technology.

Alderoty then brought up the legal dispute between Ripple and the Securities and Exchange Commission (SEC) of the United States about XRP, in which Ripple has partially prevailed over the securities watchdog. District Judge Analisa Torres turned down the SEC’s request to appeal her decision regarding XRP earlier this month. The Ripple legal director emphasized: “Even though he won it in court, we don’t think that this issue should be fought token by token, case by case, judge by judge. I think we need a rational regulatory framework.”

Under Chair Gary Gensler, the SEC has come under fire for attempting to regulate the cryptocurrency market mostly through litigation. Cryptocurrency is replete with fraud, abuse, and misconduct, according to Gensler, who has said this repeatedly. Several U.S. lawmakers, notably Congressman Warren Davidson, who recently sponsored a bill to eliminate the role of the SEC chairman, have expressed concerns about how the SEC is regulating the cryptocurrency industry.

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