- Ripple’s Chief Legal Officer, Stuart Alderoty has revealed that Ripple is doubling down on its US presence, with 75% of its open positions based domestically.
- Alderoty stated that the ongoing lawsuit centers on whether XRP is a security, but with the new SEC administration clarifying securities regulations, a resolution may be near.
In a recent CNBC interview, Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, revealed that Ripple Labs is shifting 75% of its hiring efforts back to the United States. This marks a change from previous years when regulatory uncertainty pushed companies, including Ripple, to expand internationally.
Along with this shift, Ripple has recently acquired two Money Transmitter Licenses (MTLs) in New York and Texas, further enhancing its ability to offer real-time cross-border payment solutions. Ripple now holds over 55 global licenses and 33 operational Money Transmitter Licenses in the U.S.
Stuart Alderoty criticized past restrictive policies for stifling crypto growth and pushing firms offshore. Former SEC Chair Gary Gensler, despite approving Bitcoin spot Exchange Traded Funds, maintained a strict stance, leading to 100+ enforcement actions and urging 10,000 token issuers to register. His aggressive approach faced backlash, with calls for more balanced regulations. With Donald Trump as the president, Ripple is committed to expanding its U.S. presence and solidifying its position as a leader in compliant crypto operations.
The SEC Lawsuit: Will it Be Resolved?
Alderoty highlighted three major factors shaping the future of U.S. crypto regulation, making it more welcoming for companies. First, he mentioned President Trump’s executive order signed after his inauguration, reinforcing his campaign promise to establish the U.S. as a global hub for cryptocurrency. He also pointed to the appointment of a pro-crypto administration, specifically naming David Sacks as the AI and crypto czar. Sachs’ agenda is packed with important topics, including stablecoin legislation, the potential creation of a Bitcoin strategic reserve, and exploring the synergies between blockchain technology and AI.
Addressing the SEC lawsuit, Alderoty emphasized that Ripple is not accused of fraud, market manipulation, or causing consumer harm, and the SEC has not identified any victims or financial losses resulting from Ripple’s actions. The case, which began in 2020, revolves around whether Ripple failed to register XRP as a security with the SEC. However, at the time, no clear guidelines existed for crypto companies to follow.
Alderoty suggested that with Paul Atkins potentially being confirmed as the new SEC chairman, there is hope for a more balanced approach to crypto regulation. Additionally, the SEC has officially launched a new Crypto Task Force, led by Commissioner Hester Peirce, to provide clearer regulatory guidelines for digital assets. One of its main objectives is to define the security status of various cryptocurrencies, including XRP.
If the Crypto Task Force delivers clearer rules, Ripple’s legal battle with the SEC could finally move toward resolution. At the time of writing, XRP is trading at $2.45, reflecting a 2.49% decrease in the past 24 hours and a 21.09% decline over the past week.
