Ripple’s CLO criticizes the US for lacking clear crypto regulations, stressing the need for robust laws amid SEC enforcement actions and global advancements.
The Chief Legal Officer (CLO) of well-known blockchain startup Ripple, Stuart Alderoty, has chastised the US for failing to enact clear legislation about cryptocurrencies. This development highlights the ongoing demands on the US Securities and Exchange Commission (SEC) and the economic powerhouse to provide a robust regulatory framework for digital assets.
Good Crypto Regulation Has Failed in the US, Alderoty Says
Stuart Alderoty wrote about his experience at the recent Point Zero Forum in Zurich, Switzerland, which had as its theme “Mastering the Maze: Implementing Global Digital Asset Regulations,” in an X post on Friday. The Ripple CLO claimed that although chastising the US for its inadequacies in this domain, he stressed the significance of creating “good” crypto legislation at this meeting.
Alderoty shared:
Thanks to @PointZeroForum for organizing this great panel in Zurich this past week. As I explained: Good regulation, when consistently applied, leads to predictable results. Unfortunately, the US fails that test miserably compared to its global counterparts.
Remarks by Alderoty regarding US crypto regulation only confirm the views of American crypto users and institutions, who yearn for precise laws to control the peculiarities of the digital asset market. These requests are primarily motivated by the SEC’s ongoing enforcement action against various cryptocurrency companies for, among other things, providing and selling “unregistered securities.” Notably, prominent cryptocurrency companies, including Coinbase, Binance, and Ripple, are presently facing legal action from the securities authority.
This unhappiness about appropriate cryptocurrency rules has also grown into a big talking point since the US is perceived as trailing behind other countries in accepting cryptocurrencies and may require a change in leadership as the US Presidential elections draw near. Notably, Donald Trump, the Republican nominee for president, has previously stated that he supports the virtual asset ecosystem, an industry he feels the US should lead.
In the background, the first phase of the EU’s Markets in Crypto Assets (MiCA) legislation is about to be adopted and put into effect. Meanwhile, this July is when the UK is anticipated to unveil its planned digital legislation.
US House Gets Ready To Overrule Veto of SAB 121 by Biden
Aside from that, the US House of Representatives is preparing to override President Joe Biden’s veto of Staff Accounting Bulletin (SAB) No.121, a highly contentious regulation that mandates financial institutions to list digital assets on their balance sheets. Since the law is primarily seen as anti-crypto, the US House 228-182 and Senate 60-38 have already voted to repeal it. Nevertheless, Biden rejected this resolution.
To remove this guidance requirement, some legislators from both parties are getting ready to override the president’s veto, which requires the repeal order to be approved by a two-thirds majority of both US legislative assemblies. According to House Majority Leader Steven Scalise, the vetoed legislation might be reexamined on Monday of next week. If that happens, there will be another voting session.
