Ripple’s CLO Claims XRP Holds Distinct Position In US

Oct. 13, 2023
Ripple’s CLO Claims XRP Holds Distinct Position In US

In a recent CNBC interview, Ripple’s Chief Legal Officer, Stuart Alderoty, highlighted the changing landscape of cryptocurrency regulations in the United States, stressing XRP’s unique status. 

Alderoty mentioned that countries like the UK, EU, Dubai, Singapore, Brazil, Japan, and Australia have well-defined and logical crypto rules. These regulations foster innovation while maintaining robust oversight. However, the US seems to struggle with power and political issues, leading to less sound policies.

Ripple achieved a notable legal victory against the Securities and Exchange Commission (SEC) when the court declared that secondary XRP sales were non-securities, distinguishing it from other digital tokens.

Highlighting Ripple’s recent triumph on July 13th, he clarified:

“The verdict that XRP is a non-security gives XRP clarity in the U.S.” He proudly stated that “XRP as a digital token is now uniquely classified as a non-security in the U.S.”

He explained how XRP differs from major digital assets such as Bitcoin (BTC) and Ethereum (ETH). BTC is primarily considered a store of value, whereas ETH is renowned for powering smart contracts. In contrast, XRP distinguishes itself by prioritizing rapid and efficient transactions, catering to specific requirements. Alderoty had previously mentioned that only Bitcoin and XRP benefit from regulatory clarity in the US, a viewpoint supported by SEC Chair Gary Gensler.

Although Ripple succeeded in its case, Alderoty expressed concerns over the absence of a consistent regulatory framework in the region. Categorizing cryptocurrency tokens as security, payment, or utility should not be settled in courtrooms on a case-by-case basis. Instead, he advocated for a rational and unified regulatory framework. Although some policymakers are attempting to drive rational regulatory policies, Alderoty expressed skepticism about substantial progress in the current or upcoming Congress sessions.

XRP Price Forecast

Even after the legal victory, XRP has not managed to reach a new all-time high (ATH). Uncertainty before the final decision hampered the expected price hike. As a result, crypto investors are recommended to moderate their expectations regarding XRP.

Influencer Crypto Assets Guy advises adopting a more realistic outlook. He predicts the potential for XRP to reach a new all-time high, possibly around $3.70, either later this year or in 2024.

Syed Ali Haider

Researcher & Editor
Ali Haider is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years.