Ripple Chief Legal Officer Urges Congress to End Crypto Uncertainty
In a recent op-ed published on RealClearMarkets, Ripple's Chief Legal Officer Stuart Alderoty called on the U.S. Congress to enact comprehensive crypto rules, citing growing public demand for clarity in the industry.
Alderoty argued that Americans want clear and predictable oversight of cryptocurrencies, with data from NCAHarris, Pew, and YouGov showing that both users and non-users favor stronger protections. He noted that the Securities and Exchange Commission (SEC) has listed crypto clarity among its top priorities for the first time, signaling a shift in focus.
"We have a narrow window to deliver clear U.S. crypto rules," Alderoty said. "If we don't act now, we risk ceding ground to other countries that are moving forward with more comprehensive and predictable oversight."
Alderoty leads the Ripple-funded National Cryptocurrency Association, which aims to promote responsible innovation in the industry. He emphasized that clarity is not only a priority for the SEC but also a mainstream voter issue.
The call for action comes as the U.S. Congress has been slow to address the regulatory landscape of cryptocurrencies. Lawmakers have introduced several bills aimed at providing clearer guidance on crypto, but none have yet become law.
Some experts argue that Alderoty's push for comprehensive rules may be overly ambitious, given the complexity and contentious nature of cryptocurrency regulation. "The industry is still in its early stages, and we need to be careful not to stifle innovation with over-regulation," said Sarah Jones, a blockchain expert at the Brookings Institution.
Others, however, see Alderoty's efforts as a necessary step towards establishing trust and confidence in the crypto market. "Clear rules will help to level the playing field for all participants, from investors to developers," said Alexei Zabrovsky, a cryptocurrency investor and advocate.
The current status of crypto regulation remains uncertain, with several bills pending in Congress. The SEC has announced plans to issue guidance on crypto, but no timeline has been set.
As the debate continues, Alderoty's message is clear: "We need to finish the job on crypto clarity, and we need to do it now."
*Reporting by Coindesk.*
