As the crypto market gears up for 2024, the chief legal officer of blockchain payment company Ripple, Stu Alderoty, has released three projections on crypto regulations that could impact investors’ confidence ahead of a year expected to start the new bull cycle by many analysts.
Closing the Ripple and SEC Court Case
In an X post on Friday, December 15, Ripple shared the predictions of Alderoty on policy and US regulations in 2024. The post included three bold forecasts by the company’s chief legal officer, which generally present a dual outlook on the crypto space.
Firstly, Alderoty expects the ongoing court case between Ripple and the US Securities and Exchange Commission (SEC) to come to its conclusion in the new year. The blockchain payment firm already scored a “massive” partial victory over the 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 still challenge this decision in the Court of Appeals following a final judgment, Alderoty projects the 3-year legal tussle, which he described as a “misguided lawsuit” by the SEC, will finally come to an end.
However, he predicts the commission will continue with its current enforcement action on key players in the crypto space. In addition to Ripple, the SEC has also launched against multiple crypto establishments, including Binance, Coinbase, Gemini, etc.
In his second prediction on US crypto regulations, Alderoty anticipates that the judiciary will continue to curtail the SEC’s excesses in terms of regulation of the crypto space. As a result, the Ripple executive believes the commission will continue to record more losses in court, as seen in similar cases against Ripple and Grayscale.
However, while this may be interpreted as a positive forecast for crypto enthusiasts, it would eventually lead to an intervention by the US Supreme Court which could result in a plethora of possibilities.
Alderoty’s final prediction on US crypto regulations centered on legislative action by the US Congress. While the Ripple Executive expects the US lawmakers will eventually unanimously agree on the need to create a crypto regulatory framework, he believes there will be difficulty in taking action stemming from disagreements on the specific measures and regulations to be implemented.
In other news, the crypto market is now valued at $1.6 trillion, having experienced 0.5% devaluation in the last 24 hours. XRP, which currently ranks as the fifth-largest cryptocurrency, is trading at $0.6203 with a 0.12% decline over the last hour.
Ripple’s Chief Legal Officer, Stu Alderoty, has provided valuable insights and projections on the future of crypto regulations in 2024. While anticipating the conclusion of the court case between Ripple and the SEC, he suggests that the SEC will continue its enforcement actions on key players in the crypto space. Alderoty also predicts ongoing judicial intervention to curtail the SEC’s regulatory excesses, potentially leading to a US Supreme Court intervention. Lastly, he foresees challenges in legislative action by the US Congress to implement a unified crypto regulatory framework. As the crypto market continues to evolve and grow, it is crucial for investors and industry participants to stay informed and adapt to the changing regulatory landscape.
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