Ripple’s chief legal officer Stuart Alderoty has taken part in Financial Markets Quality Conference 2024, where he spoke along with high-ranking representatives of such crypto giants as Robinhood, Grayscale and others.
Once again Alderoty weighed in on the current lack of clear cryptocurrency regulations in the U.S., referring to this long-lasting situation as a “regulatory cloud.”
He made a statement that once this “regulatory cloud” is removed and the U.S. gets “come policy clarity,” Ripple will become “the most trusted source for enterprise support for crypto solutions in the US!”
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🚨BREAKING: @Ripple lawyer Stuart Alderoty says: "When this regulatory cloud is lifted and we get some policy clarity in the U.S., we will then be the most trusted source for enterprise support for crypto solutions in the U.S.!“ 👀 #XRP
🔊⤵️🍿 pic.twitter.com/AEaftNdJno
Ripple beats SEC by scoring two legal wins
Over the last year, Ripple has scored important victories in court against the Securities and Exchange Commission spearheaded by Gary Gensler. Last year, in the summer, Federal Judge Analisa Torres ruled that XRP sales on secondary markets did not qualify as security sales. This largely gave the XRP the official status of nonsecurity, and in its later lawsuits against crypto exchanges, the SEC avoided calling XRP that.
This year, the SEC requested that the court make Ripple pay $2 billion in fines and also compensate the regulatory agency for the expenses and efforts invested in the suit. However, the judge stated that Ripple must only pay $125 million to the SEC, while the blockchain company initially said that $10 million would be a fair amount in this case.
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Ripple endorses RLUSD stablecoin in recent post
In a recently published X post, the official Ripple account shared its article on stablecoins, underscoring its revolutionary role in the sphere of transnational payments. The major convenience of these assets is their peg to fiat currencies, like the U.S. dollar or euro, for those users who are troubled with the high volatility level of cryptocurrencies, like Bitcoin.
Stablecoins combine the speed, security, and efficiency of blockchain with the trust of USD. As cash use declines, more are turning to stablecoins for fast, secure, low-cost payments. 💸
Get the latest on emerging trends in stablecoin payments: https://t.co/stVjXAjOKQ
In 2022, the article says, there was an almost $7 trillion worth of international transfers made with the help of fiat-backed stablecoins, in collaboration with Mastercard and PayPal.
As for Ripple’s stablecoin, RLUSD, launched in early August, it was designed to keep a constant U.S. dollar peg. It is fully backed by a mixture of cash and its equivalents on a 1:1 basis. It is totally compliant with the regulators, according to Ripple.
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