Ripple CLO Invites Participation in US Elections

Bittime - The 2024 election is full of surprises for the crypto ecosystem. As the upcoming United States presidential election approaches, the link between politics and cryptocurrencies is becoming even clearer.

Ripple's Head of Legal, Stuart Alderoty, emphasized the importance of the cryptocurrency community's participation in this selection process.

A Call to the Crypto Community

Alderoty has been vocal in encouraging the crypto community to participate in the November election.

The call received a positive response from the crypto community, with many users voicing similar views and pledging to support candidates who push policies that benefit the sector.

Donations and Legal Advocacy

This year, donations to crypto Political Action Committees (PACs) have topped $100 million, with significant contributions from industry executives.

Companies like Coinbase are showing their commitment to regulatory clarity by donating to Super PACs to fight for the sector's interests in the upcoming election.

The push for pro-crypto legislation is intensifying in Congress, with lawmakers seeking to enact bipartisan efforts to bring clarity to the market.

In particular, pro-Biden legislator, Rep. Ro Khanna, supporting the Financial Innovation and Technology for the 21st Century (FIT21) Act, called on the White House to support the bill.

Khanna acknowledged concerns about the administration's negative stance toward blockchain and noted that both he and House Speaker Pelosi support Patrick McHenry's latest bill.

It aims to provide regulatory clarity, suggesting that it would be beneficial if the White House also supported it.

Progress Amid Challenges

Despite facing various challenges, the crypto market has made significant progress this year, especially ahead of the US election.

In recent years, the industry has criticized the lack of regulatory clarity and approach of the Securities and Exchange Commission (SEC).

Last month, lawmakers voted to repeal the SEC's Staff Accounting Bulletin 121, despite President Biden's veto.

Nevertheless, the House passed the FIT21 legislation, with market players urging the Senate to support the bill to set clearer guidelines.

The FIT21 bill, if passed, would significantly overhaul the regulatory framework governing crypto businesses and operations in the US. However, the chances of the bill moving through the Senate remain slim due to the complexity of the legislative process.

According to House Majority Whip Tom Emmer, the Senate may choose to start from scratch with a market structure bill, which would require a full committee process.

Even if the current version of the bill reaches the Senate floor, it is expected that other provisions or aspects of the bill will be changed, requiring a return to the House.

Emmer said he hopes the bill can be passed during the lame-duck session, after the political situation calms down.

Optimism and Engagement from Key Lawmakers

Rep. Patrick McHenry, who chairs the Financial Services Committee, remained optimistic about the bill's prospects, pointing to the substantial support FIT21 received in the House, with 279 votes in favor.

He noted that the absence of a veto threat from the White House on FIT21 was encouraging, indicating a willingness to engage in policy discussions.

McHenry acknowledged the complexity of the Senate but stressed the next step for the bill's supporters is to engage Senators in legislative discussions.

He believes that if two-thirds of the House can support this bill, the Senate should be able to achieve a similar level of support.

Sen. Ron Wyden, a Democrat who voted to repeal Bulletin 121 of the SEC, emphasized the need for a regulatory framework, echoing McHenry's efforts.

Wyden highlighted the importance of being tough on fraudsters and fraudsters in the industry, recognizing McHenry's initiatives to establish a regulatory framework and increase focus on addressing fraud and criminals.

The Future of the Crypto Industry

As the political landscape evolves, the crypto community remains vigilant, aware of the important role that regulatory clarity will play in the future of the industry.

The upcoming election will be a tipping point for the sector, with the potential to shape the regulatory environment for years to come.

Challenges and Opportunities Ahead

Although optimism regarding pro-crypto legislation continues to grow, there are a number of challenges that need to be overcome.

One of the main obstacles is the complicated legislative process in the Senate, which often requires bills to go through multiple stages and revisions before being passed.

Additionally, there are concerns regarding the impact of the proposed regulatory changes on market participants and small investors.

Rep. McHenry and Senator Wyden, along with other advocates, remain committed to pushing for clearer and fairer regulations for the crypto industry.

They recognize that good regulation will not only protect investors but also encourage innovation and growth in the sector.

Important Role in the 2024 Election

The 2024 presidential election will be a watershed moment for the crypto community in the United States. The results of this election could determine the direction of future crypto regulatory policies.

With increasing participation and donations from the crypto community, there is hope that more favorable and clear policies will be implemented.

Ripple's Stuart Alderoty continues to encourage the crypto community to actively engage in the political process. According to him, the voice of the crypto community can be a determining factor in selecting candidates who support innovation and clear regulations for this industry.

Conclusion

The cryptocurrency sector in the United States is at an important crossroads ahead of the 2024 elections. With strong support from the community and some lawmakers, there is a great opportunity to achieve long-awaited regulatory clarity.

While challenges remain, optimism remains high that legislation like FIT21 can bring positive change to the industry.

Active participation in elections and continued advocacy from the crypto community will be key to ensuring that their voices are heard and recognized by policymakers.

Thus, a brighter and clearer future for cryptocurrencies in the United States could become a reality.

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