- Ripple’s CLO Stuart Alderoty praises cross-party efforts in Congress aiming to reform SEC’s stringent cryptocurrency guidelines.
- The U.S. House of Representatives voted to overturn the SEC’s controversial guidance on cryptocurrency.
- Alderoty highlighted the unity between major cryptocurrency stakeholders and banking groups that are against the SEC’s current approach.
Ripple’s Chief Legal Officer, Stuart Alderoty, applauds bipartisan efforts in Congress to challenge the SEC’s cryptocurrency regulations. This article explores the implications of these developments for the crypto industry.
Highlights
Ripple’s Chief Legal Officer Stuart Alderoty praised bipartisan efforts to challenge the SEC’s cryptocurrency regulations. The U.S. House of Representatives voted to overturn the SEC’s controversial guidance on cryptocurrency. Alderoty highlighted the unity between major cryptocurrency stakeholders and banking groups that are against the SEC’s current approach.
Ripple CLO Cheers Congressional Pushback on SEC
Critics argue that SAB 121 would severely hinder banks’ ability to custody cryptocurrencies, pointing to the impracticality of such regulations. The guidance has faced criticism not only from industry stakeholders but also from within the SEC itself, with Commissioner Hester Peirce criticizing the agency’s regulatory tactics as “scattershot” and “inefficient.” Alderoty’s comments highlight the unusual unity between major cryptocurrency players and banking groups against the SEC’s stance.
Charles Hoskinson Claims Regulations Threaten Crypto Globally
The crypto industry’s reaction to recent regulatory developments has been vocally critical, especially concerning the broader approach of the Biden administration toward cryptocurrency regulation. Cardano founder Charles Hoskinson has openly criticized the administration, claiming an intent to “kill” the industry. He argues that stringent regulations are detrimental not just domestically but globally, as the industry plays a significant role in the economic growth of several countries, including Switzerland.
Conclusion
The recent developments in Congress and the SEC’s controversial guidance on cryptocurrency have sparked a lively debate within the crypto industry. While some argue that stringent regulations are necessary for investor protection and market stability, others believe they hinder innovation and economic growth. The outcome of this debate will have significant implications for the future of cryptocurrency regulation in the U.S. and globally.
