Stuart Alderoty shared his opinions & suggestions to the crypto companies amid the ongoing US crackdown on crypto companies.
Stuart Alderoty is the chief legal officer at the San Francisco headquartered fintech company Ripple. Since Dec 2020, Ripple is in a legal hurdle in the US because of a lawsuit, initiated by the United States Securities and Exchange Commission (SEC) over Ripple’s business, nature of the XRP token & sale of $1.3 billion worth of XRP tokens publicly.
On 3 March 2023, Stuart Alderoty appeared in an interview with Blockworks. In the interview, Stuart mainly pointed out the current regulatory hurdles in the US crypto sector & suggested ideas for the new crypto startups to handle this situation.
Ripple’s legal officer said that he has been handling the Ripple vs SEC lawsuit for 30 months and his experience suggests all the crypto companies, which are under any kind of legal hurdles with the US regulators, assume that SEC’s case is already decided. In short, all crypto companies should be ready with their plan B.
Further, Stuart criticized SEC Chairman Gary Gensler over his public statement about the ongoing lawsuits. According to Stuart, Gary is always prejudging the outcome of unresolved issues.
“They certainly should not be doing so in a very, very public way because it corrupts the process. It corrupts the perception of the process,” a Ripple official said.
Despite the long & unresolved battle with the SEC agency, Ripple’s legal officer believes Ripple will secure favor from the court in the XRP lawsuit case.
For the new crypto startups, Stuart suggested launching their services under those jurisdictions where crypto laws & policies are clear, instead of going with the unclear regulatory environment of the US.
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