Ripple CLO Stuart Alderoty urged Kamala Harris to act against the SEC’s crypto crackdown after the VP’s campaign proposed a ‘crypto reset.’
Stuart Alderoty, Ripple’s Chief Legal Officer (CLO), has made a fervent appeal to Vice President Kamala Harris, urging her to halt what he describes as the U.S. Securities and Exchange Commission’s (SEC) “misguided war on crypto.”
This statement follows a significant court decision in the ongoing legal battle between Ripple and the SEC.
Ripple CLO’s Appeal to Kamala Harris
Alderoty’s remarks were made against the backdrop of a recent interview where he expressed optimism about the court’s ruling.
However, he took to X recently to stress the need for immediate political action. He referenced Vice President Kamala Harris’ proposed “crypto reset.”
Alderoty declared, “If this Admin is serious about a ‘reset,’ it must act NOW to end the SEC’s misguided war on crypto.”
His comments highlight the urgency felt by the crypto community in addressing the SEC’s regulatory stance, which many industry leaders perceive as hostile.
Alderoty on the Recent Ripple SEC Lawsuit Ruling
Earlier this week, on Wednesday, the court ordered Ripple to pay a $125 million fine for not registering sales of its XRP token to institutional investors.
This amount is significantly lower than the $2 billion initially sought by the SEC.
As a result, Alderoty hailed the Ripple SEC lawsuit ruling as a victory not just for Ripple, but for the entire crypto industry.
He asserted, “Ripple didn’t act recklessly… There were no victims; the counterparties to those transactions suffered no financial loss at all.”
Additionally, Alderoty explained that the court’s decision provided much-needed clarity, confirming that XRP is not a security, which has been a central issue in the case.
“The core clarity that we sought in this case [is] that XRP is not in and of itself a security… just like a bar of gold is never a security,” he noted.
According to Alderoty, this ruling establishes a crucial legal precedent that could shape future crypto regulations.
Despite the favorable outcome, Alderoty acknowledged that the SEC might appeal the decision.
However, he expressed confidence that the Ripple SEC lawsuit is nearing its conclusion.
“In our minds, we are finally done… If the SEC is a rational actor… there should be no appeal,” he said.
He also emphasized that Ripple is focused on moving forward and expanding its business.
Harris Campaign & the Crypto Industry
The legal developments in the crypto space have put Vice President Kamala Harris’ campaign in a difficult position.
Recently, representatives from Harris’s campaign participated in a crypto roundtable organized by Democratic Congressman Ro Khanna.
The meeting also included high-ranking officials such as Deputy Treasury Secretary Wally Adeyemo and Deputy White House Chief of Staff Bruce Reed.
Although Kamala Harris’ senior adviser, Kristine Lucius, attended the meeting, she did not speak, according to sources present.
The roundtable was part of Harris’s broader initiative to engage with the crypto community, which has long called for clearer regulations and a reset of the government’s approach to the industry.
Moreover, the Crypto4Harris town hall event is underway, further emphasizing the campaign’s efforts to connect with crypto advocates.
However, industry leaders like Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty are urging Harris to take immediate and decisive action.
They and other prominent figures in the crypto world have also called for the removal of SEC Chair Gary Gensler, whom they view as a significant barrier to the industry’s growth.
These leaders include Gemini co-founder Tyler Winklevoss and former Coinbase executive Balaji Srinivasan.
Meanwhile, Cardano founder Charles Hoskinson has continued to criticize Kamala Harris.
Positive Outlook
Despite the ongoing tension between the crypto industry and the SEC, some remain optimistic about the future.
Anthony Scaramucci, a well-known figure in the financial industry, expressed optimism that Kamala Harris could soon gain support within the crypto community.
“It’s encouraging that these high-level officials took the time to show up and listen to our industry. My colleagues in the crypto space understandably want action now, but that’s not how things work in Washington,” Scaramucci said, according to a FOX Business report.
Moreover, Paul Grewal, Coinbase’s Chief Legal Officer, also shared a positive outlook.
He emphasized the importance of focusing on the potential of the Harris campaign to reshape the government’s approach to crypto.
“She’s the perfect candidate to be a strong new face for crypto and make a break with the past,” Grewal stated.
