Ripple Advocate Urges Kamala Harris to Halt SEC’s Crypto Crackdown

• Ripple’s Chief Legal Officer, Stuart Alderoty, has called upon Kamala Harris to end the SEC’s crackdown on cryptocurrencies.
• This appeal comes shortly after a court ruling significantly reduced Ripple’s fine from $2 billion to $125 million.
• The reduction in the penalty was seen as a significant victory not just for Ripple, but for the entire crypto industry.

Ripple’s Stuart Alderoty urges Kamala Harris to halt SEC’s crypto crackdown after a major court victory.

Ruling Reduces Ripple’s Fine Significantly

In a landmark decision, Judge Analisa Torres ordered Ripple to pay a $125 million fine for failing to register the sale of XRP tokens to institutional investors. This is substantially lower than the $2 billion initially demanded by the SEC, marking a crucial win for the company.

Stuart Alderoty’s Public Appeal

Ripple’s Chief Legal Officer, Stuart Alderoty, took to X (formerly Twitter) to express his views on the recent judgment. He emphasized the need for immediate action to end the SEC’s “misguided war on crypto,” asserting that the current administration needs to take decisive measures if it truly aims for a regulatory reset. He highlighted that the favorable court outcome serves as a broader victory for the entire cryptocurrency industry.

Kamala Harris’s Engagement with the Crypto Community

Kamala Harris’s campaign representatives recently participated in a crypto roundtable event organized by Democratic Congressman Ro Khanna. This event is part of Harris’s ongoing efforts to connect with the cryptocurrency community. The campaign has also been involved in the Crypto4Harris town hall, further underlining these concerted engagement efforts.

Mixed Reactions from Industry Leaders

While Ripple celebrates its court victory, reactions within the crypto community to Kamala Harris’s stance have been mixed. Coinbase’s Chief Legal Officer views Harris as a potential catalyst for reshaping the government’s approach towards cryptocurrency regulations. He emphasized Harris’s potential to present a fresh perspective on crypto. However, Charles Hoskinson, the founder of Cardano, has expressed skepticism, suggesting that the situation could deteriorate rather than improve. He warned that voting for the Vice President might signify a vote against the American crypto industry.

Optimism Amidst Uncertainty

Despite these differing opinions, a recent Reuters report reveals that Coinbase CEO Brian Armstrong remains optimistic about the future of crypto regulation. Armstrong believes that regardless of which political party triumphs in the upcoming elections, the subsequent U.S. administration is likely to adopt a positive stance towards crypto. This view reflects the increasing political recognition of the cryptocurrency sector as the November elections draw near.

Conclusion

The recent court ruling in favor of Ripple and Stuart Alderoty’s appeal to Kamala Harris underscore a pivotal moment for the crypto industry. With mixed reactions from industry leaders and growing political interest, the future of cryptocurrency regulation in the U.S. remains in the spotlight. It remains crucial for all stakeholders to engage constructively to shape a favorable regulatory environment, ensuring the continued growth and adoption of cryptocurrencies.