Ripple’s Chief Legal Officer, Stuart Alderoty, recently outlined the significant role the upcoming 2024 U.S. elections could play in shaping the future of the crypto industry. Moreover, he offered special emphasis on Ripple and its native crypto, XRP. Alderoty emphasized the political arena and how both major parties—Republicans and Democrats—are engaging with the crypto domain.
Ripple CLO On Crypto & XRP’s Future After Elections
Ripple, known for its compliance-first approach, has been active in regulatory discussions for over a decade. “Ripple has always been a compliance-first company, and we’ve been around for 12 years,” Alderoty stated in Tuesday’s Financial Markets Quality (FMQ) Conference. He highlighted Ripple’s engagement with policymakers and both major political parties.
Furthermore, Alderoty revealed that the company had attended both the Republican and Democratic conventions. “We have met with the Trump campaign. We have met with the Harris campaign,” he added.
The 2024 election, according to Alderoty, is crucial for the crypto industry as it could determine how regulatory frameworks are shaped. He pointed out the clear stance of the Republican Party, referencing the platform statement from the Republican National Convention (RNC).
“One paragraph clearly on crypto, saying we’re going to stop the U.S. war on crypto and make the U.S. the crypto capital of the world,” Alderoty said. On the other hand, while the Democrats have been less vocal publicly, he noted that “privately they have said that they are interested in hitting the reset button.”
This statement suggests that the upcoming presidency could be pro-crypto regardless of who wins. Hence, it could also boost XRP innovation with the crypto earlier attaining regulatory clarity as the SEC lawsuit ended with the appeals phase starting.
Also, the Ripple CLO stated that the blockchain payments firm would be the “most trusted source for enterprise support” after the regulatory cloud is lifted. In addition, the firm’s latest RLUSD stablecoin venture could strengthen its position in the cross-border payments sector.
SEC Losing its Influence
However, Alderoty was critical of the U.S. Securities and Exchange Commission (SEC), suggesting that its influence as the leading regulator for crypto has diminished. He compared the SEC’s approach to that of regulators in other countries, including Singapore, the U.K., and Dubai.
He stated, “I travel the world, as I’m sure everyone else does. I meet with regulators… The SEC is not mentioned.”
The Ripple CLO underscored the harm he believes the SEC’s current enforcement tactics have caused. He cited cases where the agency had been called out by judges for arbitrary actions. Alderoty Hence, warned that the U.S. risks falling behind as other countries adopt more crypto-friendly regulations:. He said, “I worry that… I don’t know if we can ever catch up at this point.”
In terms of policy change, Alderoty stressed that the regulatory landscape could shift under either party. The Ripple CLO stated that policymakers “have to remove the impetus for unelected bureaucrats” to create policy through enforcement.
Moreover, Ripple has committed to playing an active role in this shift, having donated $50 million to crypto super PAC Fairshake. “Crypto is here to stay, and crypto has become a credible voice in the political conversation,” Alderoty concluded.
Also Read: Ripple’s Chris Larsen Takes Lead in $10M Funding for DeFi Protocol
Source: https://www.cryptonewsz.com/ripple-clo-2024-elections-impact-xrp-future/