Ripple’s Chief Legal Officer, Stuart Alderoty, warned that the U.S. is running out of time to establish clear crypto regulations and urged lawmakers to provide guidance. In his RealClearMarkets column, Alderoty noted that the SEC’s current focus on crypto signals that the moment for definitive rules has arrived.
He pointed out that crypto is no longer just a fringe interest, with survey data showing a broad appetite for more regulation. This warning follows the announcement by U.S. Treasury Secretary Scott Bessent and UK Chancellor Rachel Reeves of plans for a U.S.-UK task force earlier this month. Still, the revelation provided little detail on its focus.
Ripple’s CLO says crypto is no longer just a side gig, as evidenced by NCA/Harris Poll survey results indicating that about one in five adults in the U.S. has invested in digital assets by this point. Americans processed over $1 trillion worth of cryptocurrency transactions in 2024, by spending, investing, and saving, according to Chainalysis.
Still, he noted, Pew Research finds that most Americans still doubt the reliability of today’s crypto platforms, and YouGov polling shows a larger preference for tighter regulation over deregulation — a clear call for stronger guardrails.
“The absence of clear, consistent rules doesn’t make crypto go away,” Alderoty wrote. He also warned that failing to act will drive activity to faster-moving jurisdictions. However, clarity can both protect consumers and give responsible firms the confidence to build in the U.S.
Following this summer’s stablecoin law, Ripple’s Chief Legal Officer described the fall session as definitive. “The opportunity is here. The mandate is already there, and lawmakers can demonstrate to Americans that Washington can, in fact, deliver clarity when it’s needed most,” he said.
Ripple recently concluded its legal battles with the US Securities and Exchange Commission (SEC), a resolution that clarified the status of XRP. The commission and the exchange settled on a $125 million fine, concluding one of the most high-profile cases in the crypto sector. The two parties also agreed to dismiss their appeals of Judge Analisa Torres’s ruling and the restrictions on selling XRP to institutional buyers.
Nevertheless, attention has shifted to whether XRP can emerge as a genuine alternative to SWIFT. The system has been the global standard for cross-border transfers for decades, but detractors say it no longer meets modern needs.
Although many in the industry, including Garlinghouse, argue that blockchain’s efficiency and transparency make it a more modern alternative to SWIFT. Created over 50 years ago to replace Telex, Swift underpins cross-border payments by providing banks with standardized codes and secure messages to facilitate money transfers. However, it doesn’t send money directly.
