As the crypto market prepares for the year 2024, Stu Alderoty, the chief legal officer of Ripple, a blockchain payment company, has shared three predictions on upcoming crypto regulations. These projections have the potential to impact investor confidence as the new year is expected to kickstart a new bull cycle, according to various analysts. In a recent post on Ripple’s official website, Alderoty presented his forecasts on policy and US regulations for 2024. These predictions offer a dual perspective on the future of the crypto space.
Alderoty’s initial forecast revolves around the ongoing court case between Ripple and the US Securities and Exchange Commission (SEC). The company had already achieved a significant partial victory in this legal battle when Judge Analisa Torress ruled that XRP programmatic sales did not constitute a security offering. While it is widely expected that the SEC will challenge this decision in the Court of Appeals, Alderoty believes that the three-year legal struggle, which he characterized as a “misguided lawsuit,” will eventually reach its conclusion in the upcoming year.
Despite the anticipated conclusion of the Ripple-SEC court case, Alderoty predicts that the SEC will persist with its current enforcement actions against prominent players in the crypto space. Ripple is not the only cryptocurrency establishment facing regulatory scrutiny, as the SEC has also initiated proceedings against platforms like Binance, Coinbase, and Gemini. However, Alderoty’s second prediction suggests that the judiciary will continue to curtail the SEC’s regulatory overreach. As a result, he expects the commission to face more losses in court, similar to the outcomes in the Ripple and Grayscale cases. Although this may seem like a positive outlook for cryptocurrency enthusiasts, it could ultimately prompt intervention from the US Supreme Court, leading to unforeseen consequences.
Challenges in Creating a Regulatory Framework
Alderoty’s final prediction delves into the realm of legislative action by the US Congress. While he anticipates that lawmakers will eventually reach a consensus on the necessity of establishing a crypto regulatory framework, he also highlights the potential challenges in implementing concrete measures and regulations due to disagreements among legislators. These disagreements could delay the creation of a unified approach to crypto regulation, leaving the industry in a state of uncertainty.
In other news, the crypto market is currently valued at $1.6 trillion, experiencing a 0.5% devaluation in the past 24 hours. XRP, the fifth-largest cryptocurrency, is currently trading at $0.6203 with a 0.12% decline in the last hour.
As cryptocurrency enthusiasts eagerly anticipate the future of crypto regulations in 2024, it is essential to conduct thorough research and exercise caution when making investment decisions. While this article provides educational insights, it does not represent the opinions of NewsBTC on whether to buy, sell, or hold any investments. Investing in crypto carries inherent risks, and individuals are advised to make informed choices based on their own analysis and judgment.