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Ripple CLO criticizes US crypto regulation at Zurich forum

Posted on by darion

  • Ripple CFO Stuart Alderoty criticizes the US regulatory framework for its lack of clarity.
  • Ripple unlocks 1 billion XRP from escrow, changing market dynamics.

Stuart Alderoty, Ripple’s Chief Legal Officer (CLO), recently expressed his concerns about the U.S.’s cryptocurrency control strategy. His comments were made during a panel discussion in Zurich, Switzerland, at the Point Zero Forum.

Alderoty expressed his dissatisfaction with the US legal system regarding digital assets, emphasizing that the continued application of good regulations should bring the expected results.

Ripple CLO highlights overregulation and inconsistency

Alderoty specifically targeted the US Securities and Exchange Commission (SEC) and its chairman Gary Gensler for what he sees as over-regulation, emphasizing how much the SEC’s actions are frustrating the bitcoin sector.

Alderoty argues that the lack of uniformity and clarity in the U.S. regulatory environment is slowing the evolution and acceptance of digital assets. He stated:

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

These criticisms highlight a more general problem in the sector, with many actors believing that current US regulatory policies are not only inconsistent but also limit innovation.

Market data and latest events

Data from CoinMarketCap shows that at the time of writing, the price of XRP is around 0.4359 PLNincreasing by 3.76% in the last 24 hours. In the last seven days, it has instead shown a bearish stance, falling 8.27%These market changes further complicate the regulatory issues facing the sector.

On the other hand, CNF highlighted earlier this month that Ripple had released 1 billion XRP from escrow. This action is part of Ripple’s ongoing plan to control the production and distribution of XRP in the market. Such changes are crucial as they can significantly affect investor sentiment and market dynamics.

Alderoty’s statements at the Point Zero Forum echo the sentiments of many in the cryptocurrency community: the need for more consistent, clearer legislation. The need for a regulatory framework that promotes innovation while protecting investors is becoming increasingly important as the sector grows and expands.

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