Even when it comes to technology, progress has often been hit by resistance. The same is true for blockchain and crypto, but the SEC vs. Ripple case is a perfect example for some. Defendants in this proceeding are among those who believe that US control of this asset class is pulling it back.
Ripple’s general counsel, Stuart Alderoty, is the latest person to share his feelings.In a recent opinion piece, he said government-funded resistance could reveal how detrimental to cryptocurrency growth in the United States.
Alderoty reiterated the old allegations that the SEC proceedings were “unfounded” and “going in the wrong direction”, “this proceeding is an unplanned attempt to regulate the entire cryptocurrency and blockchain industry. Insisted.
He goes on
“Developing a regulatory framework for cryptocurrencies and digital assets is not an easy task, but litigating and threatening innovators everywhere has the benefit of unleashing digital assets and blockchain. It will have tragic consequences for economic growth. “
According to the general counsel, Congress and regulatory agencies must work together to provide regulatory clarity to the crypto industry. He also believes that countries other than the United States could lead the digital asset revolution for the first time in 2023.
Will the United States be left behind?
Many, including Alderoti, have made positive claims, some suggesting that China could soon rob its mantle. These concerns have gained more momentum lately after some American crypto companies have moved elsewhere. Interestingly, Ripple is also considering withdrawing from the United States, with London and Singapore among its options.
“As a proud American company, it’s disappointing to see talent and companies (and taxes) leave the United States because of this uncertain and unwelcome environment. Leading industry players such as FTX and Crypto.com. Headquartered outside the United States, it has caused a cryptocurrency brain outflow, significantly undermining US leadership and innovative potential. “
However, despite the proceedings, it is worth pointing out that Ripple is doing well in 2021 with on-demand liquidity. According to Asheesh Birla, RippleNet’s general manager, RippleNet ended the year with a $ 10 billion run rate for the volumes moving through it.
As of the end of 2021, ODL was available in 22 destination markets. It is no exaggeration to say that RippleNet will grow with or without support from Ergo and the United States.
While talking about ODL and Liquidity Hub, Birla also shared that there are many requests to make ODL available to more destinations. However, at this time, Ripple’s long-term goal is to achieve global coverage of ODL.
So the question-can the United States not be part of this revolution?
