Decision in favor of Cryptocurrency in the US: Ripple CLO applauds the Senate!

The U.S. Senate has voted to repeal the controversial rule SAB 121, which would have significantly impacted SEC's custodial cryptocurrency services in banks. Ripple CLO Stuart Alderoty praised the Senate's decision. He also criticized it as a victory over SEC's overreach. The rule would force banks to list their customers' cryptocurrency holdings on their balance sheets.

Ripple CLO applauds Senate's SAB 121 resolution

The U.S. Senate has voted to repeal a controversial rule proposed by the Securities and Exchange Commission (SEC), which would pose a significant threat to custodial services for cryptocurrencies in banking institutions. Ripple Chief Legal Officer (CLO) Stuart Alderoty praised the move, emphasizing that it was a great victory. Alderoty called SEC's move an "unauthorized overreach" by SEC President Gary Gensler.

"Crypto Mom" criticized SEC's inconsistent approach!

As a result of the vote, this rule, known as SAB 121, was repealed. The rule required banks to include their customers' cryptocurrency holdings in their balance sheets. This requirement has received backlash from both the banking industry and the cryptocurrency industry. Experts said that this rule will significantly complicate custodial services. In addition, experts suggested that due to the volatile nature of cryptocurrencies, it will negatively affect the financial statements of banks. Industry leaders, including MicroStrategy co-founder Michael Saylor, have underlined the need to protect the rights of cryptocurrency holders. In this regard, they expressed their approval of the Senate's decision.

SEC Commissioner Hester Peirce, who is often referred to as the "Crypto Mother" for her positive attitude towards digital assets, also criticized the agency's inconsistent approach to regulating custodial services for digital assets. His critique is in line with a broader industry perspective that sees SEC's latest move as part of a messy approach to cryptocurrency regulation, which could hinder innovation and growth in the industry.

Ripple CLO draws attention to bipartisan support!

Stuart Alderoty noted the importance of bipartisan support in legislative efforts affecting the cryptocurrency industry. The recent vote demonstrates the need for a balanced approach to regulating digital assets. Along these lines, it reflects a growing consensus among U.S. lawmakers. This unity is crucial as the industry strives to positively influence future legislation. Because the highly anticipated stablecoin bill is still on the table.

The Senate's decision to block SEC's rule is seen as a preventative measure against potential overregulation. There was criticism that this rule would discourage innovation and infringe on digital asset ownership rights. This legislative action marks a more measured and informed approach to digital currency regulation, which Ripple CLO Alderoty believe will support the growth and mainstream adoption of cryptocurrencies.

Elizabeth Warren asked for a No vote on her crypto bill!

U.S. Senator Elizabeth Warren has long criticized digital assets, linking them to terrorism and abuse. As you may have seen from Kriptokoin.com**, he published a letter last month highlighting his concerns about the stablecoin. In his letter, he claimed that they were exploited by terrorist organizations and rogue nations. According to Elizabeth Warren, the lack of solid regulatory frameworks around digital assets is pretty bad. The lack of regulation makes them vulnerable to abuse and scams. This, in turn, endangers the financial system

Warren's stance is based on his belief that strict surveillance is required to prevent illegal activity. Accordingly, the Senator called for a NO vote on the bill. Thus, he demonstrated his broader skepticism towards crypto and their integration into the mainstream financial sector. The senator says that without adequate measures, the financial system will be exposed to new vulnerabilities. This, in turn, will potentially lead to significant financial instabilities, he says.

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