Stuart Alderoty, Ripple's main legal executive, has applauded a recent bipartisan decision in the US Senate to reject a strict SEC regulation that could harm regulatory services for cryptocurrencies in the US. Alderoty believes that the Securities and Exchange Commission Chair Gary Gensler's actions were too invasive and won't be accepted by both political parties. Several influential figures in the crypto world, like Michael Saylor from MicroStrategy, have praised the Senate for nullifying the SEC's contentious SAB 121 guidance.

The rule in question aimed to make regulated banks report their customers' cryptocurrency holdings on their financial records. This raised concerns within the industry as it would make it hard for banks to provide custody services, and some worried it could infringe on crypto owners' rights. SEC commissioner Hester Peirce, who supports crypto, criticized the agency's approach to regulating digital asset custodial services as inconsistent.

Both the cryptocurrency industry and banks joined forces to oppose the SEC's SAB 121 rule. Banks opposed it due to crypto's volatility potentially impacting their financial records. Gensler, however, defended the rule, arguing that the previous 120 SABs hadn't been challenged.

Alderoty, closely monitoring Capitol Hill's developments, emphasized the importance of bipartisan collaboration on crypto-related legislation. He also noted ongoing efforts by US lawmakers to pass a stablecoin bill, which is significant for Ripple as it plans to launch its own stablecoin, already under scrutiny by the SEC.

In conclusion, Ripple's legal head, Stuart Alderoty, celebrates the Senate's rejection of the SEC regulation, highlighting the industry's unity against rules perceived as burdensome, while advocating for bipartisan cooperation in shaping crypto-related policies.