Stuart Alderoty, legal director of Ripple, has stressed the importance of bipartisan cooperation when it comes to cryptocurrency innovation.
Stuart Alderoty, legal director of Ripple, has stressed the importance of bipartisan cooperation when it comes to cryptocurrency innovation.
Alderoty added that he’s glad both sides can agree that the U.S. Securities and Exchange Commission is “out of control.”
On Wednesday, the US House of Representatives voted to repeal the agency’s guidance on cryptocurrency custody.
SEC Staff Accounting Bulletin No. 121 (SAB 121) requires financial institutions to maintain their customers’ cryptocurrency holdings on their own balance sheets.
Critics of the highly controversial guidance argued that it would make it virtually impossible for banks to custody cryptocurrencies.
The guide has also been criticized by none other than the pro-crypto SEC Commission. Hester Peirce. He described the agency’s approach to regulating custody services as “scattered” and “inefficient.”
It is worth noting that 21 Democrats joined Republicans in the House to overturn SAB 121. This shows that the crypto industry enjoys bipartisan support.
Representatives of major cryptocurrency players and banking groups have been lobbying against the SEC guidelines, marking a rare moment of unity for the two industries.
However, it remains to be seen whether the resolution will attract enough support in the Senate, currently controlled by the Democratic Party.
Last month, Alderoty also expressed his approval of the upcoming stablecoin bill. “There’s a lot more to do, but it’s great to also see others in Congress engaging positively with cryptocurrency regulation,” he said. wrote on social network X.
