Crypto NewsRipple (XRP)

top Ripple Lawyer Warns Crypto-Regulatory Hostility Seriously Hurts US – Here’s Why

Ripple’s top advocate believes “regulatory hostility” is hurting crypto innovators and retail investors alike.
Ripple’s general counsel, Stuart Alderoty, says in a new discussion at a Politico event that the San Francisco-based payments firm has not had a single US customer for its platform since December 2020, when the US Securities and Exchange Commission (SEC) sued the company won.

The SEC and Ripple are involved in a charge of selling Ripple XRP as an unregistered security.

Still, Alderoty says Ripple is thriving despite domestic challenges, noting that the company’s payment lanes will power more than $10 billion worth of transactions this year.

“In the past two years we have had the strongest years ever as a company. The volume of 10 billion US dollars is mainly driven abroad. And by the way, this is all done in compliance with anti-money laundering laws, OFAC [Office of Foreign Assets Control] Laws, anti-sanctions laws, etc. Why is that? Why haven’t we signed a single US customer in the last two years? Because of regulatory uncertainty and real regulatory hostility.”

Alderoty says “regulation by enforcement” puts the US at a disadvantage compared to other economic hubs like Singapore, London and Dubai.

“What we’re doing here in the US, and I think mostly through the SEC as an institution, is we elevate politics and power over sound politics. And by doing so, you’re not just hurting innovation and innovators and entrepreneurs Ripple and others…but ultimately you’re hurting the retailer of that asset.”

TUNE IN NOW to Writing the Rules of Crypto #POLITICOTech

— POLITICOLive (@POLITICOLive) September 20, 2022

Featured Image: Shutterstock/Warm_Tail

Source: Crypto News Deutsch

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