Ripple CLO criticizes US authorities for their approach to cryptocurrency regulation

The legal battle between Ripple and the US SEC has been one of the hottest topics in crypto city. Now, amidst the escalating battle, Ripple’s Chief Legal Officer (CLO) Stuart Alderoty has expressed his dissatisfaction with the US authorities’ approach to regulating cryptocurrencies. Interestingly, he has also previously criticized the US SEC and its chairman Gary Gensler for their over-regulation of the digital asset sector.

Ripple CLO condemns US regulatory approach

During a recent panel discussion at the Point Zero Forum in Zurich, Switzerland, Ripple CLO Stuart Alderoty expressed his dissatisfaction with the U.S. regulatory framework for digital assets. The Ripple CLO argued that effective cryptocurrency regulation should lead to predictable outcomes when applied consistently.

However, he noted that the US is not up to par with its global counterparts in this regard. In a post on the X platform, Alderoty shared his observations from the forum and said:

Good regulation, when consistently applied, leads to predictable results. Unfortunately, the US fails this test compared to its global peers.

Stuart Alderoty’s comments reflect growing frustration in the cryptocurrency industry with what many see as SEC overregulation under Gary Gensler. Moreover, Alderoty’s criticism underscores a broader problem: a perceived lack of clarity and consistency in the U.S. regulatory environment.

Meanwhile, the criticism comes amid an escalating legal battle between Ripple and the SEC, which has accused Ripple of illegally selling unregistered securities in the form of XRP tokens. Ripple has consistently denied these accusations as it continues to fight the SEC.

Also read: Family of FTX founder Sam Bankman-Fried accused of illegal political donation of $100 million

XRP Lawyer Makes Global Comparisons

Stuart Alderoty’s dissatisfaction with US regulators echoes sentiments shared by other industry figures. Pro-XRP lawyer Bill Morgan, commenting on the Ripple CLO post, noted similarities between the US and Australian regulatory approaches.

He noted that while the current Australian government has been slow to introduce meaningful regulation of cryptocurrencies, the Australian Securities and Investments Commission (ASIC) is at least avoiding the “madness of endless regulation through enforcement” seen with the US SEC.

However, Morgan’s comments underscore the broader issue of regulatory uncertainty that affects not only the US but other jurisdictions as well. He stated on the X platform: “The US should not feel alone. Australia, under the current government, is doing its part to not pass any significant cryptocurrency regulation.”

These comments from Ripple CLO and Bill Morgan suggest a global need for a more coherent and consistent regulatory approach to digital assets. The lack of clear guidance and transparency in cryptocurrency regulation has led to significant legal challenges for cryptocurrency companies, contributing to market uncertainty and stifling innovation.

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