Ripple Chief Legal Officer Stuart Alderoty has pushed back against a recent Wall Street Journal editorial that referred to supporters of cryptocurrency regulation as “the crypto boys.”
He claims that the industry’s user base is far more diverse than its critics tend to believe.
Beyond stereotypes
Alderoty said the label misrepresents the millions of Americans who now own digital assets.
According to the Ripple executive, roughly 67 million Americans currently hold cryptocurrency.
He added that about one-third of U.S. crypto owners are women. What is particularly striking is that more holders are over the age of 55 than under 25.
“They’re teachers, construction workers, veterans, nurses, parents, and small business owners,” Alderoty wrote.
His comments came in response to a Wall Street Journal Opinion editorial criticizing the Senate’s proposed CLARITY Act.
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The editorial acknowledged that the CLARITY Act would provide long-awaited regulatory certainty. However, the newspaper’s editorial board also argued that lawmakers should amend the legislation before passing it. Certain provisions could create loopholes allowing crypto exchanges to offer stablecoin-related rewards that resemble interest payments. The opinion piece also raised concerns over some exemptions for some decentralized networks.
There was a swift pushback from the crypto community. Blockchain Association CEO Ji Kim described it as containing “factual and legal inaccuracies.”
Political skepticism persists
Alderoty argues that cryptocurrency ownership now spans a broad cross-section of American society, but political attitudes toward the industry remain divided.
A poll conducted by Democratic research firm Normington Petts and obtained by Semafor found that 84% of Democratic primary voters view candidates backed by the crypto industry unfavorably. Crypto is viewed more negatively by the party’s base than industries such as oil companies, Wall Street banks and data centers, according to the survey.
