Ripple Lab’s top lawyer is warning that the decision in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the company will greatly impact the future of crypto in the US.
Responding to an article by Bloomberg about how the lawsuit will impact regulatory jurisdiction, Ripple general counsel and crypto legal expert Stuart Alderoty says that the suit’s conclusion will exert influence on how crypto assets are regulated in the US.
“No matter how you dissect it, the experts agree – the outcome of the Ripple case will likely have a significant impact on crypto’s future in the US.”
Alderoty also aims to debunk the myth that prominent figures within the crypto industry are against regulations.
“There’s a misconception that actors in the crypto space do not want regulation, and I think responsible actors in the crypto space actually do want regulation. The reason they want regulation [is because] it’s good for their business, it’s good for their customers, it’s good for the markets, and the way you get there is through clear regulation.
Clear regulations, consistently applied, lead to predictable outcomes and predictable outcomes are good for everybody. If you don’t know what the law requires, you can’t comply with the law. And the law inconsistently applied leads to unpredictable outcomes.”
Recently, Alderoty predicted that the SEC lawsuit will conclude in the first half of 2023 in a way that favors Ripple. The SEC originally sued Ripple in December 2020 on allegations that the firm sold XRP as an unregistered security.
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