Ripple's Chief Legal Officer, Stuart Alderoty, celebrated a recent bipartisan Senate vote that rejected an anti-crypto rule proposed by the SEC, which posed a significant threat to regulatory custodial services in the U.S.🗽

Alderoty emphasized that both political parties will not tolerate the "unauthorized overreach" of SEC Chair Gary Gensler. 👨‍🎓

Influential figures in the cryptocurrency industry, including #MicroStrategy MicroStrategy's Michael Saylor, praised the Senate's decision to nullify the SEC's controversial SAB 121 guidance. This rule would have required regulated banks to register their customers' cryptocurrency holdings on their balance sheets, a move that the industry argued would hinder banks from providing custodial services and potentially harm cryptocurrency owners' rights. 🌟🌟

SEC Commissioner Hester Peirce also criticized the agency's regulatory approach as "scattershot."💫💫

The cryptocurrency sector and banks collaborated to repeal the SAB 121 rule, concerned that it would adversely affect banks' balance sheets due to crypto's volatility. 🎈🎈

Gensler defended the rule by noting that previous SABs had not faced similar scrutiny. Alderoty has consistently highlighted the importance of bipartisan cooperation on cryptocurrency legislation and noted recent congressional efforts to pass a #stablecoin bill.

Ripple, which plans to launch its own stablecoins, remains under the SEC's scrutiny.#GME #BTC