Regulation
Ripple CLO criticizes US authority over its approach to regulating cryptocurrencies
The legal battle between Ripple and the US SEC has been one of the hottest topics in the cryptocurrency city. Now, amidst the escalating battle, Ripple’s Chief Legal Officer (CLO) Stuart Alderoty has shown his dismay at the US authority with its approach to cryptocurrency regulation. Notably, he has also previously criticized the United States SEC and its chairman Gary Gensler for regulatory interference in the digital asset industry.
Ripple CLO condemns US regulatory approach
At a recent panel discussion at the Point Zero Forum in Zurich, Switzerland, Ripple CLO Stuart Alderoty has expressed his dissatisfaction with the US regulatory framework for digital assets. Ripple’s CLO argued that effective cryptocurrency regulation should lead to predictable outcomes when applied consistently.
However, he stressed that the United States is lagging behind its international counterparts in this regard. In a post on the X platform, Alderoty shared his thoughts on the forum and said:
Good regulation, applied consistently, leads to predictable results. Unfortunately, the United States fails this test miserably compared to its international counterparts.
Stuart Alderoty’s comments reflect growing frustration within the cryptocurrency The financial industry has come under heavy criticism for what many see as regulatory overreach by the SEC under Chairman Gary Gensler. Moreover, Alderoty’s criticism highlights a broader problem: the perceived lack of clarity and consistency in the U.S. regulatory environment.
Meanwhile, the criticism comes amid an escalating legal battle between Ripple and the SEC, which has accused Ripple of illegally selling unregistered securities in the form of XRP tokens. Ripple has consistently denied the allegations, continuing his battle against the SEC.
Read also : FTX Founder Sam Bankman-Fried’s Family Charged Over Illicit $100 Million Political Donation
XRP Lawyer Brings Global Comparisons
Stuart Alderoty’s dissatisfaction with US regulators echoes sentiments shared by other industry figures. Pro-XRP lawyer Bill Morgan, commenting on the Ripple CLO release, noted similarities between the US and Australian regulatory approaches.
He noted that while the current Australian government has been slow to take meaningful action, crypto regulationsThe Australian Securities and Investments Commission (ASIC) at least avoids the “madness of endless regulation by enforcement” seen with the US SEC.
However, Morgan’s comment highlights the broader issue of regulatory uncertainty that affects not only the US but other jurisdictions as well. He said on Platform X: “The US should not feel alone. Australia, under its current government, is doing its part in not adopting meaningful regulation on cryptocurrencies.”
These comments from Ripple CLO and Bill Morgan suggest a global need for a more consistent and uniform regulatory approach to digital assets. The lack of clear guidelines and transparency in cryptocurrency regulation has led to significant legal challenges for crypto businesses, contributing to market uncertainty and stifling innovation.
Read also : PancakeSwap Opens Claim for 2.4 Million ZK Tokens as zkSync Denies Insider Involvement