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.
I love the $XRP community, but there are some moon boys that need to understand this:
XRP wont hit $10000, $1000, $50 or $10 any time soon
It could reach new all time highs (+$3.70) late 2023-2024 and we should all be more than satisfied
— Crypto Assets Guy (@cryptoassetsguy) October 11, 2023