Stuart Alderoty, Chief Legal Officer of Ripple, has lambasted the United States for its inadequate crypto regulation. As the rest of the industry, he wants clarity and predictable future, which is clearly not something the authorities is preparing for us all.
Alderoty expressed his views at the Point Zero Forum in Zurich. The event focused on implementing global digital asset regulations and included many well-established speakers. And Alderoty's speech was among the most prominent there.
Ripple's CLO emphasized the need for "good" crypto regulations and highlighted growing frustration with the lack of a clear regulatory framework for digital assets.
"Good regulation, when consistently applied, leads to predictable results," Alderoty stated on X. "Unfortunately, the US fails that test miserably compared to its global counterparts."
His remarks echo sentiments among American crypto users and institutions. Many are calling for clear regulations to manage the digital asset industry's complexities because the future of crypto clearly depends on that.
The Securities and Exchange Commission (SEC) has been cracking down on crypto entities. It accuses many of offering unregistered securities. The SEC is currently in legal battles with Ripple, Binance, and Coinbase.
Crypto regulation has become a political issue as the US presidential election approaches. Some view the US as lagging in crypto adoption. Republican candidate Donald Trump has expressed support for the virtual asset ecosystem.
Meanwhile, other regions are moving forward with crypto regulations. The European Union is preparing to implement its Markets in Crypto Assets (MiCA) regulations. The United Kingdom is expected to release proposed digital regulations in July.
In related news, the US House of Representatives is preparing to overturn President Biden's veto. The veto concerns the SEC's Staff Accounting Bulletin (SAB) No.121. This policy requires financial institutions to document digital assets on their balance sheets.
The House and Senate previously voted to repeal SAB 121. However, Biden rejected this resolution. Bipartisan legislators are now seeking to override the veto.
House Majority Leader Steven Scalise announced the vetoed resolution may be reconsidered next week. A successful override requires a two-thirds majority in both legislative chambers
Stuart Alderoty, Chief Legal Officer of Ripple, has lambasted the United States for its inadequate crypto regulation. His comments highlight growing frustration with the lack of a clear regulatory framework for digital assets.
Alderoty expressed his views at the Point Zero Forum in Zurich. The event focused on implementing global digital asset regulations. He emphasized the need for "good" crypto regulations.
"Good regulation, when consistently applied, leads to predictable results," Alderoty stated on X. "Unfortunately, the US fails that test miserably compared to its global counterparts."
His remarks echo sentiments among American crypto users and institutions. Many are calling for clear regulations to manage the digital asset industry's complexities.
The Securities and Exchange Commission (SEC) has been cracking down on crypto entities. It accuses many of offering unregistered securities. The SEC is currently in legal battles with Ripple, Binance, and Coinbase.
Crypto regulation has become a political issue as the US presidential election approaches. Some view the US as lagging in crypto adoption. Republican candidate Donald Trump has expressed support for the virtual asset ecosystem.
Meanwhile, other regions are moving forward with crypto regulations. The European Union is preparing to implement its Markets in Crypto Assets (MiCA) regulations. The United Kingdom is expected to release proposed digital regulations in July.