As the crypto market gears up for 2024, Stu Alderoty, chief legal officer of blockchain payments company Ripple, released three projections on crypto regulations that could impact investor confidence ahead of a year expected to by many analysts the new bull cycle will begin.
Ripple and SEC will end the legal battle in 2024, Alderoty says
In a X message on Friday, On December 15, Ripple shared Alderoty’s predictions about policy and US regulation in 2024. The post included three bold predictions from the company’s Chief Legal Officer, which generally offer a double take on the crypto space. First, Alderoty expects the ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) to conclude in the new year.
#2024Predictions — It’s that time of year again and we asked leaders at Ripple to share their thoughts on what they think 2024 has in store.
Our Head of Legal Affairs @s_alderoty kicks us off with three bold visions for US crypto policy and regulation by 2024. pic.twitter.com/7pcLmk2qPR
— Ripple (@Ripple) December 15, 2023
The blockchain payments company already scored a “huge” partial victory over US regulators when Judge Analisa Torress ruled that programmatic sales of XRP do not qualify as a security offering. While many still expect the SEC to challenge this decision to the Court of Appeals after a final ruling, Alderoty expects the three-year legal battle, which he described as a “misguided lawsuit” by the SEC, to finally come to a resolution. end will come.
However, he predicts that the commission will continue its current enforcement actions against major players in the crypto space. Besides Ripple, the SEC has also launched against multiple crypto institutions including Binance, Coinbase, Gemini, etc.
In his second prediction on US crypto regulation, Alderoty expects the judiciary to continue to curb the SEC’s excesses in regulating the crypto space. As a result, the Ripple executive believes the commission will continue to rack up more losses in court, as evidenced by similar cases against Ripple and Grayscale.
While this could be interpreted as a positive forecast for crypto enthusiasts, it would ultimately lead to an intervention by the US Supreme Court, which could result in a plethora of possibilities.
Ripple CLO does not yet provide a regulatory framework
Alderoty’s latest prediction on US crypto regulation focused on legislative action from the US Congress.
While the Ripple Executive expects that US lawmakers will eventually unanimously agree on the need to create a crypto regulatory framework, it believes it will be difficult to take action due to disagreements over the specific measures and regulations that must be implemented.
In other news, the crypto market is now valued at $1.6 trillion, following a 0.5% devaluation in the past 24 hours. XRP, which is currently the fifth largest cryptocurrency, is trade at $0.6203 with a decline of 0.12% in the past hour.
XRP trading at $0.6197 on the daily chart | Source: XRPUSDT chart on Tradingview.com
Featured image of The Student Room, chart from Tradingview
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