In a pivotal move, Ripple’s Chief Legal Officer, Stuart Alderoty, recently shared a forecast for the cryptocurrency landscape in 2024, shedding light on the potential resolutions and challenges ahead. In a recent X post, Alderoty outlined his predictions, emphasizing the ongoing legal tussle with the Securities and Exchange Commission (SEC), the pivotal role of courts in shaping regulations, and the anticipated hurdles within the U.S. Congress.
Alderoty anticipates a potential conclusion to Ripple’s prolonged legal confrontation with the SEC in 2024. However, he cautioned about the SEC’s continued approach of “regulation by enforcement,” which could reverberate across other prominent entities in the crypto realm, casting a shadow on the industry’s regulatory outlook.
Emphasizing the judiciary’s role, Alderoty foresaw an ongoing saga in courts, potentially leading to a climactic showdown in the Supreme Court. He projected that while Congress might acknowledge the necessity for crypto regulations, disagreements over implementation could result in a legislative deadlock, leaving U.S.-based crypto firms in a vulnerable position compared to global counterparts.
Ripple’s Legal Victories In 2023
Reflecting on Ripple’s strides in 2023, marked by significant legal victories against the SEC, Alderoty highlighted the regulatory clarity these wins provided for XRP. These triumphs led to dropped charges against Brad Garlinghouse and co-founder Chris Larsen, previously accused of violating securities laws. The legal successes fortified its standing and showcased the resilience and innovation within the broader crypto industry.
Major U.S. exchanges relisted XRP following these regulatory breakthroughs, contributing to its 83% year-to-date surge. However, XRP is trading at $0.6208 despite these gains, marking a marginal 2.26% decline within the last 24 hours and a 9.56% decline over the preceding week.
Source: TradingView
As the crypto world eagerly eyes 2024, Alderoty’s predictions underscore a volatile yet pivotal period ahead, balancing legal confrontations, regulatory frameworks, and the industry’s evolution, which could significantly impact the coin and the broader crypto landscape.