Stuart Alderoty, Chief Legal Officer (CLO) at Ripple, has expressed his strong support for the US Senate’s rejection of the Securities and Exchange Commission’s (SEC) controversial cryptocurrency regulatory proposal. The bipartisan action highlights the growing acceptance of sensible innovation and regulation in the cryptocurrency industry.
Alderoty commended the Senate’s decisive move, which saw a coalition of Democrats and Republicans oppose the SEC’s proposal. He viewed this as a significant victory against what he believes is the SEC’s unjustified overreach under Chair Gary Gensler’s leadership. This bipartisan resistance is notable as it showcases the increasing influence of key players in the cryptocurrency market.
Ripple is at the forefront of promoting innovation and regulatory clarity in the digital asset markets. The Senate’s rejection of the SEC’s proposal reflects a larger bipartisan movement in favor of reasonable cryptocurrency regulation. Alderoty emphasized the importance of collaborating with members of different parties to shape cryptocurrency-related laws. The Senate’s vote reflects this cooperative approach and may signal a shift in the regulatory landscape, benefiting the growth and advancement of the cryptocurrency sector. Alderoty shares similar perspectives with other prominent figures in the cryptocurrency community.
Michael Saylor, co-founder of MicroStrategy, stressed the need to safeguard the rights of bitcoin owners and expressed similar views. SEC Commissioner Hester Peirce, also known as “Crypto Mom,” criticized the agency for its inconsistent behavior in cryptocurrency regulation. Additionally, well-known pro-XRP attorney John Deaton criticized the SEC and Elizabeth Warren for prioritizing political objectives over investor security.
At the time of writing, XRP’s value stood at approximately $0.5242, showing 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%.