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Ripple’s top lawyer calls for a bipartisan approach to crypto innovation
Alex Dovbnja
Ripple’s Stuart Alderoty emphasized that crypto innovation should not be a partisan issue
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Stuart Alderoty, Ripple’s chief legal officer, did so stressed out the importance of bipartisan cooperation when it comes to cryptocurrency innovation.
Alderoty added that he was pleased that both sides agree that the U.S. Securities and Exchange Commission is “out of control.”
On Wednesday, the US House of Representatives voted to rescind the agency’s guidance on cryptocurrency custody.
SEC Staff Accounting Bulletin No. 121 (SAB 121) requires financial institutions to maintain their customers’ cryptocurrency holdings on their balance sheets.
Critics of the highly controversial guidelines have argued that it would make it virtually impossible for banks to store cryptocurrencies.
The guidance has been criticized by none other than the pro-crypto SEC Commission Hester Peirce. He described the agency’s approach to regulating custodial services as “dispersed” and “inefficient.”
It is worth noting that 21 Democrats joined House Republicans to kill SAB 121. This shows that the cryptocurrency industry enjoys bipartisan support.
Representatives of major cryptocurrency operators and banking groups lobbied against the SEC guidelines, which was a rare moment of unity for the two industries.
However, it remains to be seen whether the resolution will gain sufficient support in the Senate, currently controlled by the Democratic Party.
Last month, Alderoty also expressed his approval for the upcoming stablecoin law. “There is still a lot to do, but it’s great to see that other members of Congress are also positively engaging with cryptocurrency regulation,” he said he wrote on the social network
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.