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Ripple CLO Calls On Kamala Harris To End SEC’s War On Crypto
Published
3 months agoon
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adminStuart Alderoty, Ripple’s Chief Legal Officer (CLO), has issued a strong call for action from Vice President Kamala Harris. He urged the VP to end what he describes as the U.S. Securities and Exchange Commission’s (SEC) “misguided war on crypto.” This statement comes in the wake of a significant court ruling in the ongoing legal battle between Ripple and the SEC.
Ripple CLO’s Request To Kamala Harris
Alderoty’s comments were made in the backdrop of a recent interview where he expressed optimism about the court’s decision. However, he took recently took to X and emphasized the need for immediate political intervention. He referred to Vice President Kamala Harris’ proposed “crypto reset.”
Alderoty stated, “If this Admin is serious about a ‘reset,’ it must act NOW to end the SEC’s misguided war on crypto.” Moreover, his remarks underscore the urgency that the crypto community feels in addressing the SEC’s regulatory approach, which many industry leaders view as hostile.
Alderoty On Recent Ripple SEC Lawsuit Ruling
This week, on Wednesday, the court ordered Ripple to pay a $125 million fine for failing to register sales of its XRP token to institutional investors. This amount is significantly less than the $2 billion originally sought by the SEC. Hence, Alderoty hailed the Ripple SEC lawsuit ruling as a victory not only for them but for the entire crypto industry.
He stated, “Ripple didn’t act recklessly… There were no victims; the counterparties to those transactions suffered no financial loss at all.” Furthermore, Alderoty further explained that the court’s decision provided much-needed clarity. It established that XRP itself is not a security, which has been a central issue in the case.
“The core clarity that we sought in this case [is] that XRP is not in and of itself a security… just like a bar of gold is never a security,” he noted. This ruling, according to Alderoty, sets a crucial legal precedent that could influence the crypto regulations. Despite the positive outcome, Alderoty acknowledged the possibility of an appeal from the SEC.
However, he expressed confidence that the Ripple SEC lawsuit is nearing its end. “In our minds, we are finally done… If the SEC is a rational actor… there should be no appeal,” he said. He also emphasized that the blockchain payments firm is focused on moving forward and growing its business.
Also Read: Just-In: Ripple Stablecoin RLUSD Private Beta Live On XRP Ledger & Ethereum Mainnet
Harris Campaign & Crypto Industry
The legal developments in the crypto space has placed Vice President Kamala Harris’ campaign in a challenging position. Recently, Harris’s campaign representatives participated in a crypto roundtable organized by Democratic Congressman Ro Khanna. It also included high-level officials such as Deputy Treasury Secretary Wally Adeyemo and Deputy White House Chief of Staff Bruce Reed.
Although Kamala Harris’ senior adviser, Kristine Lucius, was present, she did not speak during the meeting, according to people present in the meet. The roundtable was part of Harris’s broader effort to engage with the crypto community. Sincerely several years, the community has been calling for clearer regulations and a reset of the government’s approach to the industry.
Also, the Crypto4Harris town hall event is currently underway. This further highlighting the campaign’s efforts to connect with crypto advocates. However, industry leaders like Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty are urging Harris to take immediate and decisive action.
They, along with other prominent figures in the crypto world, also called for the removal of SEC Chair Gary Gensler, who they view as a major obstacle to the industry’s growth. These leaders include Gemini co-founder Tyler Winklevoss and former Coinbase executive Balaji Srinivasan. Meanwhile, Cardano founder Charles Hoskinson continued criticizing Kamala Harris.
Positive Outlook
Despite the ongoing friction between the crypto industry and the SEC, some remain hopeful about the future. Anthony Scaramucci, a well-known figure in the financial industry, expressed optimism that Kamala Harris could soon gain support within the crypto community.
“It’s encouraging that these high-level officials took the time to show up and listen to our industry. My colleagues in the crypto space understandably want action now, but that’s not how things work in Washington,” Scaramucci said, according to a FOX Business report.
In addition, Paul Grewal, Coinbase’s Chief Legal Officer, also voiced a positive outlook. He emphasized the importance of focusing on the Harris campaign’s potential to reshape the government’s approach to crypto. “She’s the perfect candidate to be a strong new face for crypto and make a break with the past,” Grewal stated.
Also Read: XRP Scam: Ripple Issues Warning On Rising XRP Scam After SEC Lawsuit Ruling
Kritika Mehta
Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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24/7 Cryptocurrency News
BTC, US Elections, & Ripple’s XRP Spark Buzz
Published
3 hours agoon
November 10, 2024By
adminThe dynamic realm of crypto closes yet another week, primarily with attention-nabbing developments unfolding across the broader sector. Bitcoin (BTC) price saw a considerable pump post-U.S. elections, whereas the broader market mirrored immense bullishness in light of Donald Trump’s win as the 47th president. Simultaneously, Ripple’s XRP stole the spotlight this week, witnessing remarkable developments.
So, here’s a brief overview of some of the top market headlines reported by CoinGape Media over the past week.
BTC & Crypto Market Mirrors Bullishness Post-US Elections
Notably, this week saw Republican Donald Trump winning the U.S. presidential elections 2024, proving highly bullish for the broader cryptocurrency market. CoinGape Media reported that BTC scaled a new ATH this week in light of the Republican’s recent win. Moreover, with the American elections concluding, a total of 242 pro-crypto candidates were elected to the U.S. House of Representatives. Also, 14 pro-cryptocurrency candidates were elected to the Senate. Overall, the latest U.S. presidential elections saw a substantial influence due to policies and standings on digital assets, ultimately proving bullish for the broader industry.
Meanwhile, market speculations that the U.S. SEC will drop a majority of the digital asset lawsuits persist in light of the pro-cryptocurrency candidate’s victory. Further, even speculations of SEC chair Gary Gensler’s resignation under Trump’s presidency persisted across the market this week.
In the interim, Dogecoin caught the eyes of market watchers globally, primarily in the wake of Elon Musk’s D.O.G.E. role under Trump’s cabinet. The meme coin soared nearly 50% over the past week, cementing investor optimism on the asset’s price movement.
Simultaneously, it’s noteworthy that new BTC wallets embarked upon an accumulation spree this week, bagging nearly $145 million worth of coins. Also, the U.S. Fed announced slashing the interest rates by 0.25 bps, adding to the optimism surrounding risk assets this week. In turn, BTC price soared to hit a new ATH this week at $77,507. Weekly gains for the flagship crypto totaled 13% amid the U.S. election buzz.
Ripple’s XRP Garners Attention
Meanwhile, Ripple’s XRP sparked significant market discussions this week, seeing notable developments in light of Trump’s win with a pro-crypto stance. Ripple CEO Brad Garlinghouse reflects immense optimism for the cryptocurrency industry in the wake of the Republican’s win.
Further, the odds of an XRP ETF gained substantial weight this week in light of Trump’s pro-cryptocurrency administration. Also, Ripple recently hinted at plans to launch a Dirham-backed stablecoin in the UAE. In addition, XRP price witnessed a 14% upsurge over the past week, reaching the $0.57 level.
Overall, the abovementioned developments set off waves of discussions across the digital asset industry this week.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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US CPI, Fed Powell Speech Among 5 Key Crypto Events To Watch This Week
Published
6 hours agoon
November 10, 2024By
adminThe crypto market eagerly awaits the US CPI inflation data this week, which is likely to decide the future path of the Federal Reserve’s monetary policy plans. Besides, a flurry of other key events, including Fed Chair Jerome Powell’s speech is also scheduled later this week. Notably, this comes a week after the US FOMC decided to cut interest rates for the second time this year.
US CPI, Fed Chair Powell Speech, And Other Events To Watch This Week
The US CPI is one of the most awaited events for this week, as it would shed light on the inflationary pressure on the nation. Besides, speculations also soared as the US Fed announced a 25 bps rate cut at last week’s FOMC, with many expecting a similar cut in December. According to CME FedWatch Tool data, there is about a 65% probability of the Fed announcing another quarter-basis rate cut next month.
In addition, the US PPI inflation data is also scheduled for next week, which would further provide cues on the country’s economic health. However, it’s worth noting that this set of inflation figures is likely to set the path for future Fed rate cuts despite the market anticipation over a 25 bps point cut again in December.
The recent Jerome Powell speech from last week was closely watched by the investors. Following last week’s US FOMC, the Fed Chair said that the central bank’s monetary stimulus remains restrictive while saying that the bank should maintain “an appropriate recalibration” of its policy plans.
Having said that, the market will closely watch this week’s speech of Fed President Jerome Powell. If Powell indicates any future hawkish move in this week’s speech, scheduled for November 14, it could significantly impact the market sentiment.
Monthly US Federal Budget And Fed Officials Speeches In Focus
Apart from the above-mentioned developments, the market will also keep a close track of other Fed official’s comments for clarity on the Central Bank’s future moves. On Tuesday, Fed Governor Christopher Waller, Richmond Fed President Tom Barkin, and Philadelphia President Patrick Harker are scheduled to speak.
Following that, the Dallas Fed President and St. Louis Fed President will speak just after the US CPI inflation release. Their comments will be closely watched by the traders who are seeking clarity on the potential impact of inflation on the central bank’s future decisions.
In addition, the weekly initial jobless claims are expected also scheduled for Thursday, which will shed light on the Labor market health in the US. Having said that, the market will keep a close track of these events, especially after a strong rally in the crypto market last week.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Cardano Founder Charles Hoskinson Confirms Crypto Advisor Role Under Donald Trump
Published
8 hours agoon
November 10, 2024By
adminCardano Founder Charles Hoskinson has confirmed plans to collaborate with the U.S. government under Donald Trump to help shape crypto legislation. The goal is to create clear regulatory frameworks for the cryptocurrency industry, which has faced years of uncertainty and regulatory challenges.
Charles Hoskinson revealed these plans during a recent address, where he emphasized the need for bipartisan support in developing crypto-friendly policies. This development comes as Cardano, along with other major blockchain networks like Bitcoin, faces ongoing regulatory scrutiny from U.S. agencies.
Cardano Founder Charles Hoskinson Crypto Advisor Role
Hoskinson stated that his company, Input Output Global (IOG), will establish a dedicated policy office to focus on crypto regulation. The office will work to integrate aspects of the Financial Innovation and Technology for the 21st Century Act (FIT21) and the Responsible Financial Innovation Act (RFIA) into a comprehensive legislative proposal. “I will work with lawmakers and the administration to get a bipartisan bill passed,” he said.
The Cardano founder highlighted the importance of cooperation across party lines, pointing out that the recent FIT21 bill passed in the House with over 60 Democrat votes, indicating growing support for bipartisan crypto legislation.
Charles Hoskinson’s statement also acknowledged the potential influence of a Republican-controlled Senate, House, and presidency in the coming years. He expressed optimism that the political environment could present an opportunity for the crypto industry to secure much-needed regulatory clarity. He remarked,
“This is the best opportunity we have ever had in the history of the industry to get clarity.”
This Is A Breaking News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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