Ripple’s Legal Chief Slams US for Crypto Regulation Failures

US Lagging Behind

Stuart Alderoty, Ripple’s Chief Legal Officer, has criticized the United States for its lack of clear crypto regulations. He emphasized the importance of “good” regulations at a recent forum in Switzerland.

Alderoty believes the US has failed to meet this standard compared to other countries. This sentiment is shared by many in the crypto community, who are frustrated by the SEC’s enforcement actions against crypto companies.

SEC Crackdown

The SEC has been actively pursuing crypto entities for alleged securities violations. Notable cases include Ripple, Binance, and Coinbase. This has created uncertainty and hindered the growth of the crypto industry in the US.

Calls for Change

As the US presidential election approaches, crypto regulations have become a major talking point. Some candidates, like Donald Trump, have expressed support for the virtual asset ecosystem.

EU and UK Regulations

In contrast to the US, the European Union and the United Kingdom are moving forward with their own crypto regulations. The EU’s MiCA regulations are expected to go live soon, while the UK is set to release its proposals in July.

House to Overturn Biden’s Veto

The US House of Representatives is preparing to overturn President Biden’s veto of SAB 121, a policy that requires financial institutions to document digital assets on their balance sheets. The repeal has been previously passed by both the House and Senate, but Biden rejected it.

If the House successfully overrides the veto, it will send the resolution back to the Senate for another vote. A two-thirds majority is needed in both chambers to overturn the veto.