XRP: Ripple attacks U.S Senator over Stablecoin Approach
Ripple's Chief Legal Officer, Stuart Alderoty, publicly criticized Senator Elizabeth Warren over the proposed stablecoin law in the United States
Quick overview
- Ripple's Chief Legal Officer, Stuart Alderoty, criticized Senator Elizabeth Warren for her opposition to the proposed stablecoin law in the U.S.
- The bipartisan bill seeks to create a regulatory framework for stablecoins, but Warren's stance is seen as detrimental to innovation and U.S. leadership in blockchain technology.
- Alderoty argues that Warren's anti-crypto campaign undermines efforts for sensible regulation and could push blockchain development overseas.
- Supporters of the bill believe that clear regulations will help eliminate bad actors, while detractors like Warren warn of potential disruptions to the financial system.
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Ripple’s Chief Legal Officer, Stuart Alderoty, publicly criticized Senator Elizabeth Warren over the proposed stablecoin law in the United States.
The bipartisan bill, backed by Representatives Patrick McHenry and Maxine Waters, aims to establish a regulatory framework for stablecoin cryptocurrencies connected to fiat currencies such as the US dollar.
Warren has positioned herself as an outspoken critic of the cryptocurrency industry, citing concerns about consumer protection, national security, and financial crime. However, according to Alderoty, Warren’s stringent stance could stifle innovation and drive blockchain development overseas.
Alderoty accused Senator Warren of pushing an anti-crypto campaign that jeopardizes bipartisan efforts at sensible regulation. Warren has stated that a stablecoin law is unacceptable and supports a prohibition. Her obstacles erode US leadership in blockchain technology.
The Ripple executive also emphasized that Warren’s opposition is not aimed at improving the bill, but at putting it on hold entirely.
The crypto community has long called for regulatory clarification rather than outright animosity, a sentiment reflecting their broader discontent. Stablecoins have emerged as a focal point in the larger debate over control of digital assets. Supporters of the measure argue that clear regulations will help weed out bad actors and promote the expansion of suitable businesses.
However, detractors like Warren caution that stablecoins, particularly those not issued by banks, could disrupt the financial system and facilitate illicit activity. The McHenry-Waters bill proposes critical protections such as federal agency control, transparency policies, and reserve requirements.
Warren is particularly opposed to the provision that allows non-bank issuers to operate under governmental supervision.
The company and the SEC have been involved in a multi-year legal battle over the XRP token’s classification. Alderoty’s recent comments align with Ripple’s broader strategy to address what it perceives as politically motivated hostility toward cryptocurrencies.
Ripple aims to position itself as a vocal advocate for more balanced and innovative policymaking while being subject to regulatory pressure by directly challenging senators like Warren.
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