Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, has praised bipartisan efforts in the U.S. House of Representatives to curtail the Securities and Exchange Commission (SEC) ‘s overreach in cryptocurrency regulation.
On Wednesday, the House voted to overturn the SEC’s Staff Accounting Bulletin No. 121 (SAB 121), which mandates financial institutions to include the cryptocurrency holdings of their customers on their balance sheets. This decision, backed by both Democrats and Republicans, showcases the growing concern over the SEC’s current approach to cryptocurrency.
Ripple CLO Cheers Congressional Pushback on SEC
Critics argue that SAB 121 would severely hinder banks’ ability to custody cryptocurrencies, pointing to the impracticality of such regulations. The guidance has faced criticism not only from industry stakeholders but also from within the SEC itself, with Commissioner Hester Peirce criticizing the agency’s regulatory tactics as “scattershot” and “inefficie
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