As the crypto market braces for the upcoming year, CLO of Ripple, Stu Alderoty, shares three compelling predictions on crypto regulations that could shape investor sentiment in 2024.
Ripple vs. SEC: Legal Tussle Nears Conclusion
#2024Predictions — It’s that time of year again and we’ve asked leaders at Ripple to weigh in on what they think 2024 holds. 🔮
— Ripple (@Ripple) December 15, 2023
Alderoty foresees the culmination of the long-standing legal battle between Ripple and the US Securities and Exchange Commission (SEC) in the upcoming year. Despite Ripple’s recent partial victory, he acknowledges the potential for the SEC to challenge the decision. Alderoty asserts that the misguided lawsuit, ongoing for three years, will likely conclude, though the SEC may persist in its enforcement actions against key players in the crypto space.
Judicial Oversight on SEC’s Regulatory Actions
In his second bold prediction, Alderoty foresees continued judicial intervention limiting the SEC’s regulatory authority over the crypto space. Despite the commission facing setbacks in cases against Ripple and Grayscale, the Ripple executive believes more legal challenges will be mounted against the SEC, potentially leading to a US Supreme Court intervention. While seen as positive for crypto enthusiasts, the potential Supreme Court involvement introduces an array of possibilities.
US Congress Faces Challenges in Crypto Regulatory Framework
Alderoty’s final projection revolves around legislative action by the US Congress. While he expects unanimous agreement among lawmakers on the necessity of establishing a crypto regulatory framework, he anticipates challenges in implementing specific measures and regulations due to disagreements. This underscores potential difficulties in achieving a cohesive regulatory stance.
Market Update: Crypto Valuation and XRP Performance
In related news, the crypto market experienced a slight 0.5% devaluation, reaching a total valuation of $1.6 trillion. XRP, currently holding the fifth position among cryptocurrencies, is trading at $0.6203 with a 0.12% decline in the last hour.
XRP trading at $0.6197 on the daily chart | Source: XRPUSDT chart on Tradingview.com
As 2024 approaches, Alderoty’s predictions provide valuable insights into the potential regulatory landscape, offering crypto enthusiasts a glimpse into what may unfold in the coming year.