Ripple lawyer hopes for aid from Bidens government

Ripple lawyer hopes for aid from Biden's government 19

TL;DR Breakdown

• Biden would come to Ripples aid, Stu Alderoty hopes
• Ripple co-founder sell off his $28.6 billion XRP

Ripple lawyer, Stu Alderoty has pinned hope on President Joe Bidens government to salvage the firm from the impending lawsuit filed by the Security and Exchange Commission (SEC).

The Ripple lawyer does not expect a presidential intervention on the matter but hopes for a regulation change that would be more favorable to the firm. In a post on its website, Ripple predicted that Joe Bidens administration would most likely bring a renewed focus on regulation and enforcement in the crypto space.

The firm said a lack of regulatory clarity in the country since 2017 has left both the fintech and blockchain actors in the country confused, highlighting that similar industries in countries like Switzerland, Japan, and others are ahead of the U.S.

Brad Garlinghouse and Chris Larsen, founders of Ripple, have always criticized SECs policies. They say the commission regulates through enforcements.

What ripple lawyer said about Biden

Stu Alderoty, the Ripple lawyer, said he believes that Bidens government would make crypto a top priority during its tenure because it understands the implication on both public and private sector innovation.

Brad Garlinghouse also said the same thing after Bidens inauguration as president. He praised Gary Gensler, known to be more crypto-friendly hoping Ripple would enjoy the same.

Latest blow for Ripple

Following the myriad of issues Ripple has suffered since its SEC issues, its co-founder, Jed McCaleb, sold off portions of his 9.5 billion XRP he got before he left the firm in 2014.

Crypto analyst Leonidas Hadjiloizou reported that yesterday McCaleb sold 28.6 million

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• Ripple
• Regulation