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- Stuart Alderoty thinks the United States has lost its way in digital assets regulation.
- Alderoty thinks the US allowed politics and power to be elevated over sound policy.
- According to Alderoty, various agencies are fighting over control rather than satisfying the right policy outcome.
Ripple’s General Counsel, Stuart Alderoty, thinks the United States has lost its way in digital assets regulation. According to him, the US lost its way by allowing politics and power to be elevated over sound policy, meaning the country has various agencies fighting over control rather than satisfying the right policy outcome.
In a recently uploaded video, Alderoty outlined several regions where digital assets regulation has been successful. Places like Singapore, the UK, the EU region, Dubai, Brazil, Australia, Japan, and other regions where the governments effectively accommodate emerging technology.
Alderoty noted that in such countries, there are rational regulatory frameworks not looking to push out innovation but provide rigorous regulatory regimes that anyone willing to participate within the regions must satisfy.
According to Alderoty, the issue in the US had a label not left to a regulator in a rational regulatory framework. He noted that instead of such processes, the issue is contested in the courts, with Ripple at the forefront of the fight with the Securities and Exchange Commission (SEC). He said that Ripple has been defending the issue of whether XRP should be classified as a Security, Commodity, or Virtual Currency.
The legal counsel referenced an initial victory that Ripple earned in court on July 13, when the judge ruled that XRP is not a Security, classifying it as a victory for the organization. He affirmed that XRP is now uniquely classified as a non-security in the U.S.
Despite Ripple’s victory, Alderoty does not appreciate a token-by-token judgment, as with XRP. He prefers a rational regulatory framework that would cut across the entire digital assets industry.
Following Ripple’s victory in July, a Wells Fargo staff predicted that XRP would hit $100 to $500 in two to seven months. Three months later, XRP’s price remained low despite spiking 99% following the judgment. XRP traded at $0.4832 at the time of writing.
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