Regulation
Stuart Alderoty welcomes Senate decision against SEC crypto rule
- Ripple’s Stuart Alderoty supports the Senate’s rejection of the SEC’s controversial regulatory proposal on cryptocurrencies.
- The bipartisan action shows the growing popularity of sensible cryptocurrency innovation and regulation.
Ripple’s Chief Legal Officer (CLO) Stuart Alderoty has become a staunch defender after the US Senate decisively rejected the Securities and Exchange Commission’s (SEC) controversial cryptocurrency regulation plan.
Rule of Staff Accounting Bulletin (SAB) 121 of SECOND has caused a lot of concern in the banking and cryptocurrency industries, particularly regarding how this could affect custodial services provided by regulated banks.
Ripple’s lobbying of Ethereum is paying off
Alderoty happily praised the Senate’s bold action, which saw a coalition of Democrats and Republicans reject the SEC’s proposal. He hailed the Senate’s position as a major victory against what he sees as unwarranted SEC overreach under Chairman Gary Gensler.
This bipartisan resistance is notable because it reflects the growing power of significant players in the cryptocurrency market. Ripple leads the charge to promote innovation and regulatory clarity in digital asset markets.
The Senate’s rejection of SAB 121 is indicative of a broader bipartisan movement for reasonable regulation of cryptocurrencies. Alderoty emphasized the need to work with members of other parties to shape laws related to cryptocurrency.
The Senate vote demonstrates this cooperative attitude, which could indicate a change in the regulatory environment with benefits for the expansion and progress of the cryptocurrency sector. Alderoty shares similar views with other well-known members of the cryptocurrency world.
From the Crypto Community, Echoes
Michael Saylor, co-founder of MicroStrategystressed the need to protect the rights of Bitcoin owners and expressed similar opinions.
Additionally, SEC Commissioner Hester Peirce – also known as “Crypto Mom” – has criticized the agency for what she sees as inconsistent behavior in its handling of cryptocurrency regulation. Not long ago, following reports from Crypto News Flash, well-known pro-XRP advocate John Deaton blasted the SEC and Elizabeth Warren for putting political goals ahead of investor safety.
Meanwhile, at the time of writing, XRP was valued at around $0.5242up 1.43% over the past 24 hours, according to data from CoinGecko. XRP has also been on an upward trend over the past seven days, increasing by 4.18%.