Ripple's chief legal officer, Stuart Alderoty, has called on Congress to adopt a pragmatic approach to crypto regulation. He emphasizes the need for legislation that promotes innovation while utilizing existing regulatory frameworks.
Alderoty argues for regulating activities rather than the underlying technology itself, in order to create an environment conducive to innovation. He cautions against hastily implementing new regulations and urges lawmakers to engage in thorough study and seek broad consensus.
SEC Commissioner Mark Uyeda also criticizes the agency's current approach and emphasizes the importance of clear guidelines for crypto firms.
The election of President Donald Trump and the appointment of crypto advocate Paul Atkins suggest a possible shift towards a more balanced regulatory approach.
The industry calls for regulations that clarify responsibilities without stifling growth. The future of cryptocurrency regulation in the U.S. depends on lawmakers striking a balance between investor protection and fostering innovation.