ripple CLO Welcomes Senate Vote to Overturn SEC’s Anti-Crypto Rule
The US Senate has voted to overturn a controversial rule proposed by the Securities and Exchange Commission (SEC) that could pose a significant threat to custody services for cryptocurrencies at regulated banking institutions. Stuart AlderotyRipple‘s Chief Legal Officer (CLO) praised the move, highlighting it as a major victory against what he called “unauthorized overreach” by SEC Chairman Gary Gensler.
Ripple CLO Applauds Senate’s SAB 121 Resolution
Known as the knockdown rule SAB 121, would require banks to include their customers’ cryptocurrency holdings on their balance sheets. This mandate has been met with widespread criticism from both the banking industry and the cryptocurrency industry, with claims that it would significantly complicate the provision of custody services and negatively impact banks’ financial statements due to the volatile nature of cryptocurrencies. Industry leaders, including MicroStrategy co-founder Michael Saylor, voiced their approval of the Senate’s decision, underscoring the need to protect the rights of cryptocurrency holders.
SEC Commissioner Hester PeirceOften referred to as “Crypto Mom” for her positive stance towards digital assets, she also criticized the agency’s inconsistent approach to regulating custody services for digital assets. His criticism is in line with the broader industry perspective that sees the SEC’s latest move as part of a dispersed approach to cryptocurrency regulation that could spur innovation and growth within the industry.
Bipartisan Support for Crypto Regulation Grows
Alderoty noted the importance of bipartisan support in legislative efforts affecting the cryptocurrency industry. The latest vote reflects a growing consensus among US lawmakers on the need for a balanced approach to regulating digital assets. This unity is crucial as the industry looks to positively influence future legislation, including the much-anticipated legislation. stablecoin invoice.
The Senate’s decision to block the SEC rule is seen as a preemptive measure against possible excessive regulations that could deter innovation and violate digital asset property rights. This legislative action signals a more measured and deliberate approach to digital currency regulation, which Ripple Alderoty believes will support the growth and mainstream acceptance of cryptocurrencies.
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Maxwell is a crypto-economic analyst and Blockchain enthusiast who is passionate about helping people understand the potential of decentralized technology. I write extensively on topics like blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its effects on economic freedom and social well-being.
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