Ripple exec predicts changes in the cryptocurrency environment in 2024.

Stuart Alderoty, Chief Legal Officer at Ripple, shared his insights on the future of the cryptocurrency landscape in 2024. He discussed Ripple’s legal dispute with the U.S. Securities and Exchange Commission (SEC), the judiciary’s influence on cryptocurrency regulation, and predictions for potential legislative challenges. US Congress.

Alderoti predict He mentions a possible resolution of Ripple’s lawsuit with the SEC in 2024 and warns against the SEC’s continued “regulation by enforcement” strategy, highlighting the potential consequences this will have for the cryptocurrency industry.

Alderoty predicted an important role for the judiciary in curbing the SEC’s undue influence, suggesting that the ongoing legal conflict could escalate into a showdown at the U.S. Supreme Court.

Regarding regulation, Alderoty expects US lawmakers to agree on the need for cryptocurrency regulation. But he foresees an implementation impasse that could leave U.S. cryptocurrency companies vulnerable while other countries advance regulatory clarity and innovation.

The SEC filed a lawsuit against Ripple Labs and its current and former CEO in 2020. The SEC alleged that management conducted an initial public offering of XRP (XRP), which was an unregistered security at the time. According to the lawsuit, Ripple raised funds by selling XRP tokens as an unregistered security instrument to investors in the U.S. and around the world.

Related: Ripple publishes whitepaper on CBDC and reiterates belief in its potential..

However, Ripple scored a legal victory against the SEC last July when a judge granted summary judgment in favor of Ripple Labs, ruling that the XRP tokens were not securities but related to programmatic sales on the digital asset exchange.

However, the SEC scored a victory of its own when a federal judge ruled that XRP meets the conditions set by the Howey test and therefore is a security when sold to institutional investors. Major US exchanges have since relisted XRP, causing the token’s value to soar by 83% to date.

Cryptocurrency analysts and fans claim that Ripple is in a legal conflict with the SEC. It hindered its growth and acceptance in the United States. Pro-XRP lawyer John Deaton argued that the lawsuit has been weaponized, saying evidence from the past three years supports this claim. Despite Ripple’s global success, he said the incident harmed XRP adoption in the United States.

magazine: Crypto Banter’s Ran Neuner Calls Ripple ‘Mean’ and Tips ZachXBT: Hall of Flame