Ripple’s legal chief has unveiled bold strategies for incoming SEC leadership amidst crypto shifts, spotlighting Ripple’s battle-tested blueprint involving XRP.
Bold Steps Needed: Ripple Legal Chief’s Vision for SEC’s Crypto Reset
Ripple’s chief legal officer, Stuart Alderoty, recently took to social media to share his recommendations for the incoming U.S. Securities and Exchange Commission (SEC) leadership. Alderoty expressed confidence in the transition team’s ability to address crypto regulation effectively and urged several key actions. He emphasized the importance of:
Ensuring clear and straightforward crypto rules are developed in collaboration with Congress and financial regulators.
Alderoty also recommended ending non-fraud-related crypto litigation, maintaining the roles of SEC Commissioners Mark Uyeda and Hester Peirce, and renouncing past SEC decisions such as the 2018 Hinman speech and the 2019 framework for digital asset analysis. He highlighted the need for increased transparency in the Freedom of Information Act (FOIA) process and measures to restore public trust and accountability within the SEC through the Office of Inspector General.
In related news, SEC Chair Gary Gensler recently announced his resignation, set to take effect in January 2025. Gensler’s tenure was marked by significant enforcement actions in the cryptocurrency sector, including lawsuits against major exchanges like Binance and Coinbase. His departure has raised optimism within the crypto community for a more innovation-friendly regulatory environment. The SEC also filed a lawsuit against Ripple Labs, CEO Brad Garlinghouse, and co-founder Chris Larsen in December 2020, alleging the unauthorized sale of XRP tokens as unregistered securities.
Reflecting on Gensler’s resignation and its potential impact on the Ripple lawsuit, Alderoty commented, “Ripple provided the blueprint to defeat Gary Gensler’s inexplicable war on crypto. The resilience and expertise of the Ripple Team Legal paved the way for the industry to survive and seize this incredible moment. The support of the XRP Army was crucial in the darkest days.”