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Stuart Alderoty, Ripple’s chief legal officer, has stressed the importance of bipartisan cooperation when it comes to cryptocurrency innovation.
Alderoty has added that he is glad that both parties can agree that the U.S. Securities and Exchange Commission is “out of control.”
On Wednesday, the US House of Representatives voted to overturn the agency’s guidance on cryptocurrency custody.
The SEC’s Staff Accounting Bulletin No. 121 (SAB 121) requires financial institutions to keep the cryptocurrency holdings of their customers on their own balance sheets.
The critics of the highly controversial guidance argued that it would make it virtually impossible for banks to custody cryptocurrencies.
The guidance has been also slammed by none other than pro-crypto SEC Commission Hester Peirce. She described the agency’s approach to regulating custody services as “scattershot” and “inefficient.”
It is worth noting that 21 Democrats joined the Republicans in the House to kill SAB 121. This shows that the crypto industry enjoys bipartisan support.
The representatives of major cryptocurrency players and banking groups have been lobbying against the SEC guidance, which was a rare moment of unity for the two industries.
However, it remains to be seen whether the resolution will attract enough support in the Senate, which is currently controlled by the Democratic Party.
Last month, Alderoty also expressed his approval of the upcoming stablecoin bill. “There is much left to be done, but great to also see others in Congress now engaging positively with crypto regulation,” he wrote on the X social media network.
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