Ripple's Chief Legal Officer (CLO), Stuart Alderoty, has emerged as a vocal advocate following the decisive rejection by the US Senate of the Securities and Exchange Commission's (SEC) controversial cryptocurrency regulatory proposal.

The SEC's Staff Accounting Bulletin (SAB) 121 rule has sparked significant concern within the banking and cryptocurrency sectors, particularly regarding its potential impact on the custodial services provided by regulated banks.

Alderoty welcomed the Senate's resolute action, which saw bipartisan opposition to the SEC's proposal, as a significant victory against what he perceives as unjustified regulatory overreach under Chair Gary Gensler's leadership.

This bipartisan resistance underscores the growing influence of key stakeholders in the cryptocurrency market, with Ripple leading efforts to promote innovation and regulatory clarity in digital asset markets.

The Senate's rejection of SAB 121 reflects a broader bipartisan trend favoring reasonable cryptocurrency regulation. Alderoty emphasized the importance of collaborating with members across party lines to shape cryptocurrency-related legislation.

The Senate vote signals a cooperative approach that could signal a shift in the regulatory landscape, benefiting the expansion and development of the cryptocurrency sector. Alderoty shares similar sentiments with other prominent figures in the cryptocurrency community.

Michael Saylor, co-founder of MicroStrategy, has stressed the need to safeguard the rights of bitcoin holders and echoed similar sentiments. Additionally, SEC Commissioner Hester Peirce, also known as "Crypto Mom," has criticized the agency for what she views as inconsistent behavior in cryptocurrency regulation.

Recently, well-known pro-XRP attorney John Deaton criticized the SEC and Elizabeth Warren for prioritizing political objectives over investor protection.

At the time of writing, XRP was trading at approximately $0.5242, marking a 1.43% increase over the past 24 hours, according to CoinGecko data. XRP has also experienced upward momentum over the past week, with a 4.18% rise.