Stuart Alderoty, the Chief Legal Officer (CLO) of prominent blockchain company Ripple, has criticized the US over its inaction in the establishment of clear crypto regulations. This development underlines the continuous calls for the economic superpower to form a stable regulatory framework for digital assets amidst consistent enforcement actions by the US Securities and Exchange Commission (SEC).
US Has Failed In Good Crypto Regulation, Alderoty Says
In an X post on Friday, Stuart Alderoty shared his experience at the recent Point Zero Forum in Zurich, Switzerland, themed “Mastering the Maze: Implementing Global Digital Asset Regulations.” The Ripple CLO stated he emphasized the importance of establishing “good” crypto regulations at this conference while criticizing the US for its shortcomings in this area.
Alderoty posted:
Thanks to @PointZeroForum for organizing this great panel in Zurich this past week. As I explained: Good regulation, when consistently applied, leads to predictable results. Unfortunately, the US fails that test miserably compared to its global counterparts.
Interestingly, Alderoty comments on US crypto regulation only reinforce general sentiments, among American crypto users and institutions who long for clear regulations to manage the peculiarities of the digital asset industry. These calls are particularly driven by the constant crackdown action by the SEC on several crypto entities for majorly offering “offering unregistered securities” among other offenses. Notably, the securities regulator is currently in court with major crypto entities including Ripple, Binance, and Coinbase.
With the US Presidential elections fast approaching, this disgruntlement around proper crypto regulations has also developed into a major talking point as the US is seen as lacking in its pace of crypto adoption and perhaps needing a change in leadership. Notably, Republican Presidential candidate Donald Trump has already expressed support for the virtual asset ecosystem, an industry he believes the US should be leading.
For context, the European Union (EU) is making preparations for the adoption of the first phase of its Markets in Crypto Assets (MiCA) regulations set to go live. Meanwhile, the United Kingdom is expected to release its proposed digital regulations this July.
US House Prepares To Overturn Biden’s Veto On SAB 121
In other news, the US House of Representatives is gearing up to overturn 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 perceived as widely anti-crypto and its repeal has been previously voted by the US House 228-182 and Senate 60-38. However, this resolution faced a rejection from Biden.
To effectively scrape out this guidance requirement, certain bipartisan legislators are now preparing to override the President’s veto where the repeal order must gain the favor of a two-thirds majority of both US legislative assemblies. According to the House majority leader Steven Scalise, the vetoed resolution may be reconsidered next week on Monday, the success of which will lead to another voting session.
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