Ripple CLO Praises Singapore_s Regulatory Framework Amid US SEC Turmoil

2023-06-23 08:56:47

Stuart Alderoty, the Chief Lego Officer at Ripple, has taken to Twitter to praise the “workable” framework that the Monetary Authority of Singapore has built.

His comments come amid regulatory turmoil in the US as Ripple, Coinbase, Binance, and other crypto-related companies are facing lawsuits against the country’s Securities and Exchange Commission.

Stuart Alderoty praised Singapore for being able to create a “workable framework that truly unites consumer protection, market integrity, and innovation.”

They’ve also outlined a clear taxonomy to classify and regulate digital assets – making it possible for companies like Ripple to build and offer compliant products.

His comments come days after Ripple received an in-principle Singapore payments license.
It’s also worth noting that Ripple is in the middle of a legal clash with the US Securities and Exchange Commission.
The latter has alleged that the company conducted an unregistered sale of securities, essentially claiming that XRP falls within the definition and putting a massive strain on the firm.
Alderoty’s last comment also falls in line:

It’s been said many times, but bears repeating – regulatory clarity is what will help drive crypto utility for real-world use cases.

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