CLARITY Act Gains Momentum as Ripple Backs Rules for 67M U.S. Crypto Holders

Key Takeaways:

• Ripple Chief Legal Officer Stuart Alderoty expressed his own public endorsement of the CLARITY Act as a consumer protection measure instead of a giveaway to the industry.
• Supporters say the bill would give certainty to the 67 million Americans that already possess digital assets.
• The debate sheds light on the emerging tension between advocates of clear crypto regulations and those who feel the industry shouldn’t be heavily regulated by the government.

The crypto-regulation in Washington is now at a critical stage and Ripple is taking a stance. Stuart Alderoty, the Chief Legal Officer (CLO) of Ripple, has taken a stand in the debate surrounding the CLARITY Act, claiming that the millions of Americans using Bitcoin, Ethereum, and other digital asset marketplaces deserve clarity.

Read More: Coinbase CEO Says CLARITY Bill Nears Breakthrough

Ripple Frames CLARITY Act as Consumer Protection

According to the Ripple executive, the bill is ultimately about protecting ordinary Americans who already use, hold, and invest in digital assets. He cited information that suggests 67 million Americans, approximately one out of 4 grown-ups, is presently a cryptocurrency owner.

“The data is in. It’s time,” Alderoty said, making it clear that he sees crypto adoption as having reached a level that is now beyond the powers of lawmakers.

His remarks followed similar remarks made by the National Cryptocurrency Association (NCA), who emphasized that a large number of people in the country holds cryptocurrency.

They highlighted that these digital asset owners span from construction workers and caregivers to ranchers and small liquor and bistro owners looking to greater financial independence.

Read More: 70% of US Voters Demand Crypto Rules as CLARITY Act Wins Bipartisan Backing

Crypto Adoption Continues to Expand Across the U.S.

One of the most compelling reasons for regulatory clarity is the rising number of crypto users, and why not?Why not one of the reasons for regulatory clarity is the increasing number of crypto users?

Crypto companies have been grappling and scratching the head for years whether crypto assets should be considered a separate asset class or commodities or securities. This volatility has resulted in legal battles, regulatory actions, and compliance issues for businesses and investors alike.

67 Million Holders Strengthen the Case for Clear Rules

Those who favor the CLARITY Act believe a contemporary regulatory system would clear up some of the confusion by providing clear delineation of the authorities of such oversight and standards for market participants.

Many stakeholders in the industry find the legislation an attempt to provide “predictable” rules while not curbing innovation. More regulations are likely to attract investors, boost consumer security and elevate the U.S. position in the global digital asset market, according to the proponents of the rules.

Industry Debate Intensifies Over Regulation

There isn’t universal support for the push for more oversight. However, some key crypto personalities such as BitMEX co-founder Arthur Hayes have claimed that the kilting by governments ought not to be the mandate for the industry.

Earlier this week, Hayes proposed that over-regulation is the risk that crypto moves back into the traditional financial system it’s trying to subvert.

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