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Ripple’s Top Lawyer Says XRP Has Unique Status in U.S.

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Wed, 11/10/2023 - 18:27
Ripple’s Top Lawyer Says XRP Has Unique Status in U.S.
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In a recent CNBC interview, Stuart Alderoty, the top lawyer at Ripple, shed light on the evolving landscape of cryptocurrency regulations in the U.S., stressing XRP's unique position. 

Notably, Ripple scored a partial victory against the Securities and Exchange Commission (SEC) when the court ruled that secondary XRP sales were non-securities, setting it apart from other digital tokens. 

XRP's special regulatory clarity 

Alderoty stated that in countries like Singapore, the UK, EU, Dubai, Brazil, Australia, and Japan, there exists a rational regulatory framework, encouraging innovation while ensuring rigorous regulations are met. However, the U.S. seems to be caught in the crossfire of politics and power, causing a divergence from sound policy. 

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Highlighting Ripple's recent courtroom victory on July 13th, Alderoty clarified, "The verdict that XRP is a non-security gives XRP clarity in the U.S." He proudly mentioned that "XRP as a digital token is now uniquely classified as a non-security in the U.S."

Alderoty previously stated that only XRP and Bitcoin enjoy regulatory clarity in the U.S. As reported by U.Today, SEC Chair Gary Gensler has repeatedly recognized Bitcoin as a non-security. 

A universal regulatory framework 

Despite Ripple's individual triumph, Alderoty voiced concerns over the larger issue at hand – the lack of a universal regulatory framework in the U.S. 

The approach of labeling digital tokens, be it utility, payment, or security, should not be settled in courtrooms on a case-by-case basis. 

Instead, he urged the need for a rational and unified regulatory framework. Although there are some policymakers attempting to drive rational regulatory policies, Alderoty expressed skepticism regarding any substantial progress in the current or even the next Congress.

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