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Ripple's general counsel, Stuart Alderoty, believes that 2022 might be a decisive one for crypto's future in the U.S. Barely three months into 2022, Alderoty expresses no doubt that this year may be one in which all eyes will be on crypto regulation.
Less than a quarter into 2022, there’s no doubt in my mind this is the year where all eyes will be on crypto regulation. I penned an op-ed for @rc_markets on what the crypto industry needs from U.S policymakers in order to foster American innovation: https://t.co/pqnBX4wGhF
— Stuart Alderoty (@s_alderoty) March 18, 2022
The cryptocurrency industry's future is on the line, he argues, with 2022 being billed as the year of crypto legislation. The cryptocurrency sector has made remarkable growth in the last year, nearly quadrupling in value while also reaching significant acceptance milestones.
He went on to say that while technological advancement is often greeted with opposition, the reality is that economic competitors outside the U.S are rapidly adopting digital assets, blockchain-enabled real-time payments and central bank digital currencies (CBDCs).
Ripple has drawn up a framework meant to offer an immediate way forward that accommodates the dynamism of digital assets in a pragmatic approach to thoughtful regulation. Ripple was formed in 2012 to improve cross-border payments around the world using blockchain technology and cryptocurrencies.
Latest updates in Ripple SEC lawsuit
According to the latest updates posted by defense lawyer James K. Filan, the SEC has filed its response to Ripple's motion to strike the Metz supplemental expert report. XRP-friendly attorney Jeremy Hogan expresses surprise at the latest SEC move, hinting at delay tactics.
The Court allowed each expert witness to submit a report and then a rebuttal report ONLY.
— Jeremy Hogan (@attorneyjeremy1) March 19, 2022
So the SEC does a SECOND rebuttal report and calls it a "supplemental" report and so Ripple moves to strike it.
No, serious, that's basically what's going on here.
No, really. https://t.co/oazQbsLTzC
Ripple earlier moved to strike an "impermissible" rebuttal report written by securities and finance expert Dr. Albert Metz, who has worked for the U.S. Department of Justice and who submitted his original report on Oct. 4. He conducted an event study to determine whether or not Ripple was able to manipulate the price of the XRP token with its announcements. He concluded that "certain news and public statements" did influence the token's performance.
In December 2020, the SEC filed a lawsuit against Ripple Labs and two of its executives. The complaint alleges that Ripple raised $1.3 billion in funds, beginning in 2013, through the sale of digital assets known as XRP in unregistered securities.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team