Ripple CLO Applauds Senate Decision to Reverse SEC’s Anti-Crypto Regulation

Exciting Updates!

  • The recent decision by the US Senate to overturn the SEC’s proposed rule, SAB 121, is a significant win for custodial cryptocurrency services in banks.
  • Ripple’s Chief Legal Officer Stuart Alderoty has praised the Senate’s action, labeling it a triumph against what he perceives as the SEC’s overstepping boundaries.
  • SAB 121’s enforcement would have necessitated banks to disclose customer cryptocurrency holdings on balance sheets, a move met with widespread opposition.

The Senate’s decision to overturn the SEC’s contentious rule is a victory for the crypto community, safeguarding against potential disruption in banking crypto services. Ripple’s Stuart Alderoty commended this development, emphasizing the importance of the industry’s resilience.

Ripple’s Cheers for Senate’s Stance on SAB 121

The now-rescinded SAB 121 rule would have imposed on banks the obligation to account for customers’ digital asset holdings, posing operational challenges and financial risks. Notable figures like Michael Saylor support the Senate’s stance, recognizing the need for a balanced regulatory framework.

SEC’s Commissioner, Hester Peirce, known for her pro-crypto views, criticized the agency’s inconsistent approach to digital asset custody regulations. This move is seen as a step in the right direction to prevent regulatory overreach that could stifle market growth.

Bipartisan Backing Grows in Crypto Regulation

Alderoty emphasized the significance of united bipartisan support for constructive cryptocurrency laws. This united front is crucial in shaping effective regulations, preparing the ground for upcoming bills like the stablecoin bill.

The Senate’s intervention is a preemptive measure to safeguard against excessive regulation that could impede innovation and individual crypto rights. This legislative stride signifies a balanced approach to digital currency regulation, aimed at fostering industry development and acceptance.

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