Alderoty remains hopeful about Ripple’s SEC lawsuit resolution under new leadership, anticipating a focus on building real-world blockchain applications rather than continuing with what he described as baseless litigation.
Stuart Alderoty, Ripple’s (XRP) top lawyer, expressed enthusiasm about the changes in U.S. crypto policy under the new Trump administration during a recent CNBC interview. Alderoty highlighted the stark contrast to the previous administration’s approach, noting that the current government has embraced cryptocurrency, aiming to make the U.S. the “crypto capital of the world.” This shift has directly benefited Ripple, with 75% of its recent hiring now occurring domestically, reversing previous trends where expansion was offshore due to regulatory uncertainty.
Alderoty detailed three key areas where crypto reform is progressing: through executive orders, federal regulatory changes, and legislative action in Congress. Trump’s executive order has been pivotal, reinforcing his campaign promise and leading to the appointment of David Sacks as the administration’s point person for crypto policy. This has resulted in the formation of a working group to review and streamline regulations, making it easier for crypto firms to operate in the U.S. Additionally, the new acting SEC chair, Mark Ueda, has initiated a reset of the SEC’s approach, rescinding guidance that previously hindered banks from engaging with crypto custody.
Despite concerns about new tariffs potentially sparking a global trade war, Alderoty views this as a short-term distraction, maintaining that Ripple’s focus remains on developing real-world applications and enterprise use cases for blockchain technology in the U.S. He also confirmed Ripple’s active engagement with Sacks, indicating a collaborative effort to shape U.S. crypto policy.
On the legislative front, Alderoty described ongoing dialogues with Congress, emphasizing this as the most crypto-friendly Congress yet, with potential for significant legislative progress, possibly including a comprehensive market structure bill for crypto regulation.
Regarding Ripple’s ongoing lawsuit with the SEC, initiated under former chair Gary Gensler, Alderoty remains hopeful. He criticized the lawsuit as baseless, lacking any fraud or consumer harm allegations, and expressed optimism that under new leadership, particularly with Paul Atkins potentially at the helm of the SEC, these lawsuits might be dismissed, allowing Ripple to focus on growth rather than litigation.
Overall, Alderoty’s comments reflect a cautiously optimistic outlook for Ripple and the broader crypto industry in the U.S., contingent on continued regulatory and legislative support from the Trump administration and Congress.
