Key Takeaways
- Ripple CLO Stuart Alderoty criticized The New York Times for portraying crypto as a tool for crime.
- Alderoty defended digital assets, emphasizing that over 55 million Americans use crypto for financial empowerment.
- He also reaffirmed that decentralization extends beyond Bitcoin, noting that networks like Ethereum, XRP, and Solana share the same open design.
Ripple’s Chief Legal Officer, Stuart Alderoty, has taken aim at The New York Times after the publication released another opinion piece framing cryptocurrency as synonymous with corruption and criminal activity. Calling out what he described as a misleading narrative, Alderoty wrote on X, “For the second time in as many weeks the NY Times ran a ‘guest essay’ painting crypto as no more than a tool of crime and corruption. It’s a convenient narrative, but a lazy and inaccurate one.”
Ripple CLO Defends Crypto’s Stance
Alderoty argued that such portrayals overlook the reality of how digital assets are used across the United States. According to him, more than 55 million Americans rely on cryptocurrencies for practical, lawful purposes, such as transferring money, proving digital ownership, and building transparent systems of commerce. “Corruption and crime don’t thrive in plain sight,” he said, highlighting the traceable nature of blockchain transactions.
The Ripple executive emphasized that the broader story of crypto is about financial inclusion and independence. He said that millions of Americans are turning to digital assets to “save time, cut costs, and gain financial freedom,” adding that this side of the industry deserves more attention. Alderoty’s comments also align with a campaign by the National Cryptocurrency Association (NCA), which promotes public understanding of blockchain’s benefits.
In a separate discussion on X, Alderoty also sought to clarify misconceptions about decentralization in the crypto ecosystem. Responding to a post by the NCA that praised Bitcoin’s lack of a CEO as proof of decentralization, he noted that this structure is not unique to Bitcoin. “Yes, Bitcoin doesn’t have a CEO, but that’s not ideology. It’s the fundamental design of all open, permissionless tokens,” he wrote.
Ethereum, XRP, Cardano.Have No CEOs
He added that Ethereum, XRP, Solana, and Cardano function under similar decentralized principles, where no central authority controls participation or validation. Alderoty cautioned policymakers against viewing Bitcoin as the sole example of decentralization, warning that such bias could hinder innovation across the digital asset landscape.Ripple’s CEO Brad Garlinghouse has also reinforced this view, stating that XRP operates independently from Ripple and runs on “an open-source, permissionless, and decentralized blockchain maintained by independent validators.”
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