Ripple’s Chief Authorized Officer Urges Bipartisan Collaboration for Advancing Cryptocurrency Innovation

Interesting news from Stuart Alderoty, Ripple’s main legal officer! He recently emphasised the importance of bipartisan collaboration in the realm of cryptocurrency innovation.

Alderoty is happy to see equally sides of the aisle uniting to deal with the problem of the U.S. Securities and Trade Commission’s perceived overreach.

In a the latest development, the US Dwelling of Representatives took motion to problem the SEC’s advice on cryptocurrency custody.

The SEC’s Staff Accounting Bulletin No. 121 (SAB 121) mandates that money institutions keep their customers’ cryptocurrency belongings on their possess money statements.

Detractors of this controversial prerequisite argue that it generates important hurdles for banking companies looking to provide custody expert services for cryptocurrencies.

Even SEC Commissioner Hester Peirce has criticized the agency’s managing of custody provider restrictions, contacting it inconsistent and ineffective.

Notably, a team of Democrats teamed up with Republicans in the House to force again versus SAB 121, demonstrating bipartisan help for the cryptocurrency market.

Leading cryptocurrency corporations and banking businesses have joined forces to protest the SEC’s assistance, showcasing a uncommon occasion of unity concerning these two sectors.

On the other hand, the fate of this resolution rests on garnering ample support in the Senate, which is at this time under Democratic handle.

Just final month, Alderoty also expressed his enthusiasm for the forthcoming stablecoin bill, highlighting the beneficial engagement of Congress with crypto regulation.