Ripple’s Chief Legal Officer Stuart Alderoty restated the importance of crypto votes ahead of the upcoming United States Presidential election. Crypto assets and associated regulations have become a major issue ahead of the elections with many candidates making statements pointing to clearer policies. US legislators also marked a shift seen in the recent bipartisan efforts.
Ripple’s CLO Rallies Crypto Vote
Ripple’s CLO Alderoty hailed the recent pressure placed on Congress but added that crypto enthusiasts voting in mass in the November polls is necessary. In a June 7 post on X (formerly Twitter), Alderoty wrote that without the crypto vote, other efforts like calls, letters, and emails to lawmakers will be categorized as noise.
It’s great when crypto uses its collective voice through calls, letters, emails to Congress, but if crypto doesn’t VOTE it all just becomes noise. Politicians on both sides of the aisle must understand that votes are on the line.
— Stuart Alderoty (@s_alderoty) June 7, 2024
This statement ignited a positive reaction from the crypto community as users expressed similar sentiments. Most crypto-asset users have pledged to back candidates with friendly policies to see the sectors thrive. This year, donations to crypto PACs tapped $100 million with huge contributions from industry executives. Firms like Coinbase have committed to regulatory clarity and made donations to the Super PACs to advance the sector’s cause in the upcoming elections.
The heat of pro-crypto legislation has been felt in Congress with lawmakers working towards bipartisan efforts to usher in market clarity. Pro-Biden lawmakers, Rep Ro Khanna recently rallied behind the FIT21 legislation calling on the White House to support the bill.
“…the concerns that the Administration has been too negative on blockchain. Speaker Pelosi and I supported Patrick McHenry’s recent bill to provide regulatory clarity I think it will be helpful if the White House gets behind that.”
Crypto Sees Regulatory Pathway
Despite recent headwinds, the crypto market has taken giant steps this year ahead of the US elections. In recent years, the industry lamented the lack of rule clarity and the approach of the Securities and Exchange Commission (SEC). Last month, lawmakers voted to overturn the SEC’s SAB 121 although it was vetoed by President Biden. Meanwhile, the House passed the FIT21 legislation. Market participants have called on the Senate to support the bill to create clearer guidelines.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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