TL;DR Breakdown
- Stu Alderoty believes Biden would come to Ripple’s aid.
- Ripple co-founder sells off his $28.6 billion XRP.
Ripple lawyer, Stu Alderoty has pinned hope on President Joe Biden’s government to salvage the firm from the lawsuit filed against it by the Security and Exchange Commission (SEC).
The Ripple lawyer does not expect a presidential intervention on the matter but hopes for a regulation change that would be more favorable to the firm. In a post on its website, Ripple predicted that Joe Biden’s administration would most likely “bring a renewed focus on regulation and enforcement” in the crypto space.
The firm said a lack of regulatory clarity in the country since 2017 has left both the fintech and blockchain actors in the country confused, highlighting that similar industries in countries like Switzerland, Japan, and others are ahead of the U.S.
Brad Garlinghouse and Chris Larsen, founders of Ripple, have always criticized SEC’s policies. They say the commission regulates through enforcements.
Ripple lawyer goes on about Joe Biden
Stu Alderoty, the Ripple lawyer, said he believes that Biden’s government would make crypto a top priority during its tenure because it understands the implication on both public and private sector innovation.
Brad Garlinghouse also said the same thing after Biden’s inauguration as president. He praised Gary Gensler, known to be more crypto-friendly hoping Ripple would enjoy the benefits of that appointment.
Latest blow for Ripple
Following the myriad of issues Ripple has suffered since the SEC lawsuit, its co-founder, Jed McCaleb, sold off portions of the 9.5 billion XRP he got before he left the firm in 2014.
Crypto analyst Leonidas Hadjiloizou reported yesterday that McCaleb sold 28.6 million XRP — roughly $8.5 million at the time of publication — following 25 days of no apparent activity after news broke of the Ripple SEC lawsuit.
He still holds millions of XRP, however, in his wallet.
