According to U.Today, Alexander Grieve, the government affairs lead at Paradigm, has attempted to interpret the recent actions of the U.S. Securities and Exchange Commission (SEC) against Ripple's yet-to-be-named stablecoin project. Grieve noted that the SEC's mention of Ripple's project came after it was confirmed that the stablecoin legislation would not be included in the Federal Aviation Administration (FAA) Reauthorization Act of 2024. This allowed the SEC to target Ripple in its latest filing, where it stated that Ripple was preparing to launch an 'unregistered crypto asset.'
The stablecoin project was announced by the San Francisco-based company last month. Currently, lawmakers are still in discussions regarding the content of the stablecoin bill. Last month, U.S. House Representative Maxine Waters (D-California) suggested that the final version of the bill could be ready soon.
In April, Sens. Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) introduced a new version of their stablecoin legislation. Notably, the bill would make it illegal to issue algorithmic stablecoins. Grieve highlighted that stablecoin issuers currently do not have to register with the SEC, which is why he finds the 'unregistered' part puzzling. He called on Congress to pass 'technology neutral' and 'sensible' stablecoin legislation that would put an end to the SEC's 'farcical efforts.'
Paradigm hired Grieve last year to influence U.S. cryptocurrency policy. At that time, he noted that there was 'legislative momentum' in Congress, indicating that the industry's efforts were not in vain. He also mentioned Ripple's partial win against the SEC as a positive development for the industry.
