Ripple CLO "U.S. government must finalize clarification of virtual asset regulations"

Uk Jin

Summary

Stuart Alderoty, Ripple's CLO, said the U.S. government should swiftly finalize clarification of virtual asset regulations.
Alderoty CLO said U.S. virtual asset holders want stronger and clearer regulation due to concerns about safety.
He stressed that without clear regulation, virtual asset users could move abroad, and that this fall session will be a decisive moment.

A call was made for the U.S. government to hurry up and clarify regulations for virtual assets (cryptocurrencies).

On the 30th (Korea time), according to crypto-focused media CoinDesk, Stuart Alderoty, Ripple's chief legal officer (CLO), wrote in an article, "The Securities and Exchange Commission (SEC) has for the first time cited 'virtual asset clarity' as a major priority," and added, "It is now time to establish a predictable supervisory framework."

Alderoty CLO, citing a U.S. public opinion survey, emphasized, "One in five adults in the United States owns virtual assets. Many of them feel the current system is not safe." He went on to explain, "The survey shows that they do not want deregulation but rather stronger and clearer regulation."

Alderoty CLO continued, "Without clear regulation, virtual asset users could be pushed overseas," and explained that a regulatory framework within the United States is needed to ensure consumer protection and sound business activity.

Currently, the U.S. Congress is discussing market-structure legislation for virtual assets, following the enactment of a stablecoin law (stablecoins are virtual assets whose value is pegged to fiat currency). Alderoty CLO urged, "This fall session is a decisive moment," and said, "Washington (the U.S. government) must prove it can provide clarity where it is most needed."