As many firms operating in the Web3.0 ecosystem have done in recent times, American blockchain payments firm Ripple Labs Inc. has shared its projections for the coming year through its Executives.
Future of Crypto: Regulatory Outlook
While Ripple Labs said it asked its leaders for their take, 3 of the first of these predictions came from the firm’s Chief Legal Officer (CLO) Stuart Alderoty. As a legal expert, it was not surprising to see Alderoty’s whole take hinged on the outlook on Policy and US crypto regulation for the coming year.
Alderoty started by projecting that the “misguided lawsuit” launched by the United States Securities and Exchange Commission (SEC) will finally be laid to rest in 2024. This year was a landmark one for Ripple Labs as the most concerning aspect of its lawsuit against the regulator was settled this year.
Beginning in July, Judge Analisa Torres declared that XRP is not in itself security, and this verdict was upheld when she denied the regulator’s request for interlocutory appeal. She, however, handed the regulator a win when she said Ripple Labs violated securities laws when it sold XRP to institutional investors.
The settlement on this aspect of the case is what is left to be resolved by 2024. While Ripple Labs will be free, Alderoty predicted that the commission’s regulation by enforcement tactics against other industry leaders will continue next year.
Ripple Labs General Counsel of Congress Intervention
Besides these projections, the Ripple Labs General Counsel also predicted that US Judges will be the last line of defense against the SEC’s current overreach. Just like it lost its case against Grayscale Investments, Alderoty predicted that the regulator will continue to lose major issues in the courts.
At the extreme, he projected that some of the cases would spill over to the Supreme Court.
Lastly, the Ripple Labs executive predicted that Congress’s intervention will be more pronounced next year. He said the lawmakers will agree in principle on crypto regulation but will disagree on the best course of action. This scenario, he noted, will create a stalemate that will confound crypto firms in the US while players in other parts of the world will ride on to make “significant positive strides.”
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