Ripple’s Chief Legal Officer Predicts Future of Crypto Landscape in 2024
Ripple’s chief legal officer, Stuart Alderoty, has shared his insights on the future of the cryptocurrency industry in 2024. He discusses Ripple’s ongoing legal dispute with the SEC, the role of the judiciary in shaping crypto regulations, and potential legislative challenges in the U.S. Congress.
Possible Resolution of Ripple’s Lawsuit with the SEC
Alderoty predicts that Ripple’s lawsuit with the SEC could be resolved by 2024. He warns against the SEC’s “regulation by enforcement” strategy and highlights its potential consequences for the crypto industry.
The Role of the Judiciary in Curbing SEC Overreach
Alderoty believes that the judiciary will play a significant role in curbing SEC overreach. He suggests that ongoing legal conflicts could escalate to a confrontation in the U.S. Supreme Court.
Expectations for Crypto Regulations
Alderoty expects U.S. lawmakers to recognize the need for crypto regulations. However, he foresees a deadlock in implementation, which could leave U.S. crypto firms vulnerable compared to countries with clearer regulatory frameworks.
Ripple’s Lawsuit with the SEC
In 2020, the SEC filed a lawsuit against Ripple Labs and its CEOs, alleging that they conducted an unregistered security offering of XRP. The lawsuit claims that Ripple raised funds by selling XRP tokens to investors in violation of securities laws.
Legal Victories and Impact on Ripple
In July, Ripple won a legal victory as a judge ruled that XRP is not a security for programmatic sales on digital asset exchanges. However, XRP was deemed a security when sold to institutional investors. Ripple’s legal clash with the SEC has been seen as a hindrance to its growth and acceptance in the U.S.
Hot Take: Ripple’s Lawsuit and Its Impact on XRP Adoption
The ongoing lawsuit between Ripple and the SEC has had a negative impact on XRP adoption in the United States, according to pro-XRP attorney John Deaton. He argues that the case was weaponized and believes that evidence from the past three years supports this claim.
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