- Paradigm’s government affairs lead, Alexander Grieve, has recently attempted to decode the U.S. Securities and Exchange Commission’s (SEC) recent attack on Ripple’s stablecoin project.
- The SEC’s mention of Ripple’s unnamed stablecoin project came after it became clear that the stablecoin legislation would not be attached to the Federal Aviation Administration (FAA) Reauthorization Act of 2024.
- Grieve has urged Congress to pass “technology neutral” and “sensible” stablecoin legislation that would put an end to the SEC’s “farcical efforts.”
Paradigm’s Alexander Grieve decodes the SEC’s recent attack on Ripple’s stablecoin project, urging Congress to pass sensible stablecoin legislation.
SEC Targets Ripple’s Stablecoin Project
The SEC’s recent filing mentioned that Ripple was preparing to launch an “unregistered crypto asset.” This follows the unveiling of Ripple’s stablecoin project last month. The lawmakers are still in negotiations over the content of the stablecoin bill, with U.S. House Representative Maxine Waters hinting that its final version could be ready soon.
Call for Sensible Stablecoin Legislation
Grieve has called for the passing of “technology neutral” and “sensible” stablecoin legislation. He finds the SEC’s claim of Ripple’s stablecoin being “unregistered” puzzling, as current laws do not require stablecoin issuers to register with the SEC. Grieve believes that such legislation would put an end to the SEC’s “farcical efforts.”
Paradigm’s Influence on U.S. Cryptocurrency Policy
Paradigm hired Grieve last year to influence U.S. cryptocurrency policy. At the time, he noted a “legislative momentum” in Congress, indicating that the industry’s efforts were not in vain. He also cited Ripple’s partial win against the SEC as a positive development for the industry.
Conclusion
The SEC’s recent attack on Ripple’s stablecoin project has sparked a call for sensible stablecoin legislation. As the industry continues to evolve, it remains to be seen how the U.S. Congress will respond to these calls and what impact this will have on the future of cryptocurrency.
