Stuart Alderoty, the Chief Legal Officer (CLO) of Ripple, has shown 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 acceptance of reasonable cryptocurrency innovation and regulation.
The SEC’s Staff Accounting Bulletin (SAB) 121 rule has caused significant concern in the banking and cryptocurrency industries, particularly in relation to its potential impact on the custodial services offered by regulated banks.
Alderoty has welcomed the Senate’s decisive rejection of the SEC’s proposal, viewing it as a major victory against what he considers to be the SEC’s unwarranted overreach under Chair Gary Gensler’s leadership. This bipartisan resistance is significant as it reflects the increasing influence of key participants in the cryptocurrency market.
Ripple is at the forefront of the push for innovation and regulatory clarity in the digital asset markets. The Senate’s rejection of SAB 121 is indicative of a broader bipartisan movement in support of sensible cryptocurrency regulation. Alderoty emphasized the importance of collaborating with members of other political parties to shape cryptocurrency laws.
This cooperative approach demonstrated by the Senate vote may signal a shift in the regulatory landscape, benefiting the growth and development of the cryptocurrency sector. Alderoty shares similar perspectives with other prominent figures in the cryptocurrency community.
Michael Saylor, co-founder of MicroStrategy, has stressed the importance of protecting the rights of bitcoin owners and expressed similar views. SEC Commissioner Hester Peirce, also known as “Crypto Mom,” has criticized the agency for its inconsistent approach to cryptocurrency regulation. Additionally, John Deaton, a well-known pro-XRP attorney, has condemned the SEC and Elizabeth Warren for prioritizing political objectives over investor security.
At the time of writing, XRP is valued at approximately $0.5242, marking a 1.43% increase in the last 24 hours, according to CoinGecko data. XRP has also experienced an upward trend over the past seven days, rising by 4.18%.