Ripple (XRP) Chief Legal Officer Stuart Alderotti criticized the portrayal of cryptocurrencies as “instruments of crime and corruption,” saying this approach is unfounded and does not reflect reality.
In a post on the X Platform, Alderoti said that recent news in traditional media ignores transparent blockchain and its large user base.
“These words are useful, but they are lazy and wrong,” Alderoti said, arguing that the main focus should be on who uses cryptocurrencies and for what purposes. He noted that digital assets are used by tens of millions of Americans for practical purposes such as lending, proving ownership, and establishing new transaction models.
“Crime does not flourish in systems that operate openly,” Alderoti said, arguing that public blockchains increase the traceability of transactions and offer benefits in terms of transparency and detection of criminal activity.
The overall theme of Alderoti’s message was that cryptocurrencies are not “speculation venues,” but rather toolkits that shorten transaction times, reduce intermediaries, and create auditable records. He pointed out that the real story lies in the everyday gains of cryptocurrencies.
Alderoti also said that the National Cryptocurrency Association, which Ripple supported with a $50 million grant on March 5, has been on a mission to tell these user stories and provide accurate information.
Alderoti said that while cryptocurrencies can be used for criminal activities, it would be a big mistake to generalize. “The reality is that open systems allow for permanent and continuous control,” he said. “Stories need to catch up with reality.”
*This is not investment advice.
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
