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Ripple’s legal chief has unveiled bold strategies for incoming SEC leadership amidst crypto shifts, spotlighting Ripple’s battle-tested blueprint involving XRP.
Bold Steps Needed: Ripple Legal Chief’s Vision for SEC’s Crypto Reset
Ripple’s chief legal officer, Stuart Alderoty, shared his recommendations on social media platform X Thursday for the incoming U.S. Securities and Exchange Commission (SEC) leadership. Alderoty expressed confidence in the transition team’s ability to address crypto regulation effectively, urging several actions. He wrote:
I trust the transition team to make the right call with these table stakes for crypto in mind.
The Ripple legal chief recommended ending non-fraud-related crypto litigation immediately and fostering collaboration by ensuring SEC Commissioners Mark Uyeda and Hester Peirce remain in their roles. He emphasized the need for clear, straightforward crypto rules developed in partnership with Congress and financial regulators, without assuming SEC jurisdiction as a default.
Additionally, he called for the renouncement of the 2018 Hinman speech and the 2019 framework for digital asset analysis, increased transparency in the Freedom of Information Act (FOIA) process, and measures to restore public trust and accountability by addressing past SEC issues through the Office of Inspector General.
On Thursday, SEC Chair Gary Gensler also announced his resignation, effective Jan. 20, 2025, coinciding with President-elect Donald Trump’s inauguration. Gensler’s tenure was marked by significant enforcement actions in the cryptocurrency sector, including lawsuits against major exchanges like Binance and Coinbase. His departure has been met with optimism within the crypto community, anticipating a regulatory environment more conducive to innovation. The SEC also sued Ripple Labs, CEO Brad Garlinghouse, and co-founder Chris Larsen in December 2020, alleging the unauthorized sale of XRP tokens as unregistered securities.
Commenting on Gensler’s departure and its possible impact on the Ripple lawsuit’s resolution, Alderoty shared on X Saturday: “Victory has a thousand fathers, but make no mistake. The courage of Brad and Chris, and the resilience and expertise of Ripple Team Legal (most of whom are nameless and never sought the Twitter spotlight) paved the way.” He added:
Ripple provided the blueprint to defeat Gary Gensler’s inexplicable war on crypto. We kept the door open long enough for the industry to survive and seize this incredible moment. The faith and support of the XRP Army provided much-needed hope in the darkest days.