The chief legal officer of Ripple claims that the United States must "stop elevating politics over sound policy." He emphasized: "I think we need a rational regulatory framework," noting that nations and areas outside of the U.S., such as Singapore, the U.K., the EU, and Japan, welcome crypto firms. Furthermore, he emphasized that rather than concentrating on the best possible policy outcome, several regulatory bodies in the U.S. are competing over control of the technology.
We require a sensible regulatory framework.
Stuart Alderoty, the chief legal officer of Ripple, talked about US cryptocurrency legislation this week on social media and in an interview with CNBC. On Thursday, he wrote:
Stop prioritizing politics above smart policy in the US and learn from how Singapore, the UK, the EU, and Dubai have established clear frameworks and licenses. It seems sense that these areas are seeing a boom in crypto innovation.
Alderoty claimed on CNBC that international locales, such as Singapore, the UK, the EU, Dubai, Brazil, Australia, and Japan, have "rational" crypto rules. He emphasized that these countries had "reasonable regulatory frameworks that are seeking to say: Hey, look if you want to come to our country and develop this innovation, you can do it, as long as you satisfy our tough regulatory environment.
The chief legal officer of Ripple, on the other hand, claimed that "we have lost our way" in the United States "because we have politics and power being elevated over sound policy." He added that rather than concentrating on the best possible policy outcome, several agencies in the U.S. are engaged in a regulatory battle for control of the technology.
Alderoty then brought up the legal dispute between Ripple and the Securities and Exchange Commission (SEC) of the United States about XRP, in which Ripple has partially prevailed over the securities watchdog. District Judge Analisa Torres turned down the SEC's request to appeal her decision regarding XRP earlier this month. The Ripple legal director emphasized:
Even if he prevailed in court, we don't believe that this matter should be litigated case by case, judge by judge, or token by token. I believe a sensible regulatory structure is necessary.
Under Chair Gary Gensler, the SEC has come under fire for attempting to regulate the cryptocurrency market mostly through litigation. Cryptocurrency is replete with fraud, abuse, and misconduct, according to Gensler, who has said this repeatedly. Several U.S. lawmakers, notably Congressman Warren Davidson, who recently sponsored a bill to eliminate the role of the SEC chairman, have expressed concerns about how the SEC is regulating the cryptocurrency industry.
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