Ripple’s Chief Legal Officer, Stuart Alderoty, participated in the Financial Markets Quality Conference 2024, sharing the stage with leading figures from major crypto firms like Robinhood and Grayscale. Alderoty reiterated concerns about the ambiguous regulatory environment in the U.S., describing it as a “regulatory cloud.”
He emphasized that once this regulatory uncertainty is resolved and U.S. policy becomes clearer, Ripple aims to become “the most trusted source for enterprise support for crypto solutions in the US.”
Ripple’s Legal Wins Against the SEC
Over the past year, Ripple won major legal battles against the SEC, led by Gary Gensler. In summer 2023, Federal Judge Analisa Torres ruled that XRP sales on secondary markets are not securities. This ruling granted XRP a non-security status, which the SEC has since avoided using in lawsuits against crypto exchanges.
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This year, the SEC sought $2 billion in fines and compensation from Ripple for the legal battle. However, the court ordered Ripple to pay only $125 million, a reduction from Ripple’s initial offer of $10 million.
Ripple’s Support for RLUSD Stablecoin
In a recent X post, Ripple highlighted its support for stablecoins, emphasizing their role in international payments. The post noted that stablecoins, pegged to fiat currencies like the U.S. dollar or euro, offer stability compared to volatile cryptocurrencies like Bitcoin.
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The article noted that in 2022, fiat-backed stablecoins, in collaboration with Mastercard and PayPal, facilitated nearly $7 trillion in international transfers. Ripple’s own stablecoin, RLUSD, launched in early August, maintains a constant U.S. dollar peg.
Ripple backs RLUSD on a 1:1 basis with cash and cash equivalents and ensures it meets regulatory standards.
