Stuart Alderoty, Ripple’s Chief Legal Officer, emphasized how essential it is for people from both parties to work together to advance bitcoin innovation.
Alderoty was glad that both parties agreed that the U.S. Securities and Exchange Commission (SEC) was viewed to be overreaching its authority. Recently, the U.S. House of Representatives decided to overturn the SEC’s advice on how to store cryptocurrency.
This advice, called Staff Accounting Bulletin No. 121 (SAB 121), tells banks they have to list their customers’ cryptocurrency assets on their balance sheets. People who are against this idea say that it would be extremely difficult for banks to provide safekeeping services for cryptocurrencies.
Ripple Unites Against SEC
It is worth noting that even people within the SEC criticized the way it regulated safekeeping services. Hester Peirce, a commissioner at the SEC, called the guidelines “scattered” and “inefficient.” It was clear that people from both parties were against SAB 121 because 21 Democrats and 4 Republicans in the House voted to overturn it, showing that a great deal of people back the crypto industry.
Prominent players in the cryptocurrency market and banking groups have been working together to fight the SEC’s advice, but this move against it is a rare example of them agreeing. But it is still not clear what will happen with the resolution in the Senate, which is presently controlled by Democrats.
Ripple’s Chief Legal Officer’s support goes beyond this one problem. He recently said favorable things about the upcoming stablecoin bill, which shows that Congress is now more interested in regulating cryptocurrencies.
