Ripple Chief Legal Officer Stuart Alderoty has pushed back against a recent Wall Street Journal editorial that referred to supporters of cryptocurrency regulation as “the crypto boys.”
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He claims that the industry's user base is far more diverse than its critics tend to believe.
Beyond stereotypes
Alderoty said the label misrepresents the millions of Americans who now own digital assets.
According to the Ripple executive, roughly 67 million Americans currently hold cryptocurrency.
He added that about one-third of U.S. crypto owners are women. What is particularly striking is that more holders are over the age of 55 than under 25.
“They're teachers, construction workers, veterans, nurses, parents, and small business owners,” Alderoty wrote.
His comments came in response to a highly controversial Wall Street Journal Opinion editorial criticizing the Senate's proposed CLARITY Act.
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The editorial acknowledged that the CLARITY Act would provide much-needed and long-awaited regulatory certainty. However, the newspaper's editorial board also argued that lawmakers should amend the legislation before passing it. It specifically took issue with stablecoin-related rewards and some exemptions for some decentralized networks.
As reported by U.Today, there was obviously a swift pushback from the crypto community. Blockchain Association CEO Ji Kim described it as containing “factual and legal inaccuracies.”
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Overwhelming hate from the Democrats
Alderoty argues that cryptocurrency ownership now spans a broad cross-section of American society, but a recent survey shows that the industry is absolutely loathed by one of the country's two biggest political parties.
A poll conducted by Democratic research firm Normington Petts and obtained by Semafor found that 84% of Democratic primary voters view candidates backed by the crypto industry unfavorably. Crypto is viewed more negatively by the Democratic base than oil companies, Wall Street banks, and even data centers, according to the survey.
Clarity faces a delay
Meanwhile, the U.S. Senate has postponed a vote on the Clarity Act until September. Senate Majority Leader John Thune confirmed that lawmakers will take up the crypto market structure bill after returning from recess.
The odds of the much-hyped Clarity Act being signed into law this year have now plunged to as low as 14%.