In a scathing critique of the current regulatory landscape in the United States, Stuart Alderoty, the chief legal officer at Ripple, has called for radical reforms in the country's approach to cryptocurrencies and other digital assets. Speaking on CNBC's Street Signs program, Alderoty expressed his frustration over the lack of a rational regulatory framework for the burgeoning crypto industry in the U.S.
Alex DovbnyaAlderoty pointed to several global crypto hubs, including Singapore, the U.K., Dubai and others, where regulatory policies have embraced innovation rather than stifling it. He emphasized the need for a balanced approach, citing examples of countries where regulatory agencies welcome innovation as long as it complies with established regulatory guidelines.
In contrast, Alderoty highlighted the chaos within the U.S. regulatory system, where political power often takes precedence over sound policy decisions.
He criticized the ongoing disputes among regulatory agencies, resulting in a lack of clarity on how to categorize digital assets like XRP — whether as utility tokens, payment tokens or security tokens. Ripple had a significant legal battle with the SEC, successfully clarifying XRP's nonsecurity status on July 13.
Tomiwabold OlajideDespite this victory, Alderoty expressed concerns about the fragmented approach to regulation, emphasizing the need for a comprehensive and rational regulatory framework. He lamented the slow progress in the U.S. Congress, indicating a lack of optimism regarding meaningful policy changes in the near future.
Alderoty's remarks underscore the urgent need for the U.S. to reevaluate its crypto policies, aligning them with global standards and fostering innovation rather than hindering it.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
U.Today Editorial Team
Vladislav Sopov