Stuart Alderoty, chief legal officer of leading blockchain company Ripple, has criticized the United States for its inaction in implementing clear regulation on cryptocurrencies. The development underscores continued calls for the economic superpower to establish a stable regulatory framework for digital assets amid ongoing enforcement actions by the U.S. Securities and Exchange Commission (SEC).
US Has Failed in Cryptocurrency Regulation Policy, Says Alderoty
In a X post On Friday, Stuart Alderoty shared his experience at the recent Point Zero Forum in Zurich, Switzerland, on the topic of “Mastering the Maze: Implementing Global Digital Asset Regulation.” Ripple’s CLO said he stressed the importance of establishing “good” crypto regulations at the conference while criticizing the United States for its shortcomings in this area.
Alderoty posted:
Thanks to @PointZeroForum for organizing this great roundtable in Zurich last week. As I explained: good regulation, when applied consistently, leads to predictable results. Unfortunately, the United States fails this test miserably compared to its global peers.
Interestingly, Alderoty’s comments on US cryptocurrency regulation only reinforce the general sentiments among US cryptocurrency users and institutions that are yearning for clear regulation to manage the peculiarities of the digital asset industry. These calls are particularly motivated by the SEC’s ongoing enforcement action against several crypto entities for primarily offering “unregistered securities offerings,” among other violations. Notably, the securities regulator is currently in litigation with major crypto entities, including RippleBinance and Coinbase.
With the US presidential election fast approaching, this discontent around proper crypto regulations has also become a major talking point, as the US is seen as lacking pace in cryptocurrency adoption and perhaps in need of a change in direction. Notably, Republican presidential candidate Donald Trump has Already He expressed support for the virtual asset ecosystem, a sector he said should be led by the United States.
To put the context into context, the European Union (EU) is preparing for the adoption of the first phase of its Crypto-asset markets (MiCA) Digital regulations are expected to be implemented. The UK is expected to publish its digital regulation proposals in July.
US House of Representatives prepares to override Biden’s veto of SAB 121
In other news, the U.S. House of Representatives is preparing to override President Joe Biden’s veto of the SEC’s Staff Accounting Bulletin (SAB) No. 121, a highly controversial policy that requires financial institutions to document digital assets on their balance sheets. The law is widely seen as anti-crypto and its repeal has already passed the U.S. House of Representatives by a vote of 228 to 182 and the Senate by a vote of 60 to 38. However, this resolution faces rejection of Biden.
To effectively eliminate this guidance requirement, some bipartisan lawmakers are now preparing to override the president’s veto, where the repeal order must win the support of a two-thirds majority in both U.S. legislatures. According to the House Majority Leader Steven ScaliseThe resolution that was rejected could be reconsidered next Monday, and its success would trigger a new voting session.
Featured image from Yahoo Finance, chart from Tradingview
