Ripple Legal Officer’s 2024 predictions for US Crypto regulation
2023 has been a mixed year for the crypto industry as the market went on to register new highs amid increased scrutiny by financial regulators. However, Ripple’s Chief Legal Officer had offered three bold predictions on policy and U.S. crypto regulation.
Stuart Alderoty, Chief Legal Officer at Ripple anticipates major developments ahead including the conclusion of Ripple’s legal battle with the US Securities and Exchange Commission (SEC). Meanwhile, the industry will continue to face regulatory challenges by the commission.
Conclusion of SEC lawsuit against Ripple
Alderoty predicted an upcoming resolution of Ripple’s long running legal dispute with the US SEC. He anticipates that the last remnants of the XRP lawsuit, which Ripple has consistently deemed misguided, will end in 2024. This positive outlook suggests a potential turning point for Ripple and its native crypto XRP. This will provide clarity on its regulatory standing.
Watchdog’s regulatory approach and judicial challenges
Ripple Legal head further suggested that despite the conclusion of XRP lawsuit, the commission will carry forward its campaign of “regulation by enforcement” against other industry leaders. He highlighted the role of judges as the last line of defense against the SEC regulatory overreach.
Furthermore, he predicts that the commission will continue to face setbacks in the courts. However, this development will set the stage for a possible showdown in the Supreme Court. This indicates an ongoing struggle between regulatory authorities and industry players with legal battles.
Congressional disagreements on Crypto rules
In his third prediction, Alderoty forecasts that Congress will reach a broad agreement on the need for crypto regulation but will struggle with differences on the best course of action. However, this potential lack of consensus could result in U.S. crypto firms facing regulatory uncertainty for some more time.
Meanwhile, Alderoty suggests that other countries may make positive progress in implementing good regulatory frameworks. This will potentially leave US firms at a disadvantage in the global crypto landscape.
These predictions from Ripple Chief Legal Officer highlight the evolving nature of the crypto regulatory environment and the challenges faced by industry participants. The forecasted resolution of Ripple’s SEC lawsuit, ongoing legal battles, and potential congressional gridlock underscore the complexities of shaping a regulatory framework for the rapidly growing cryptocurrency industry.
It’s important to note that these predictions represent one perspective within the broader crypto community and various factors. This includes legislative actions, court decisions, and global regulatory trends that may influence the actual developments in 2024.