“It’s Not April Fool’s Today”: Ripple General Counsel Slams Munger’s Call To Ban Crypto in US Like China

Alderoty reacts to Berkshire Hathaway Vice Chair’s call urging the U.S. to ban crypto as China did.

Stuart Alderoty, General Counsel at Ripple, has reacted to a recent comment made by American billionaire investor Charlie Munger, where he called on the U.S. government to ban crypto just like China.

Recall that Munger, a 99-year-old billionaire investor, shared his comments in a Wall Street Journal op-ed article published on February 1. Munger, who does not consider cryptocurrencies as a security, commodity, or currency, said a nascent asset is a gambling contract that has thrived due to a gap in regulation.

“A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity,” he remarked.

The Vice Chairman of Berkshire Hathaway later called on the U.S. government to establish laws preventing crypto from stretching further in the country. Munger cited China’s crypto ban and England’s reaction to a “horrible depression” in the early 1700s as the two precedents that would guide the U.S. government into taking sound action against crypto.

Alderoty Reacts to Munger’s Comment

Munger’s comments have attracted several reactions from members of the crypto community, who have taken to Twitter to slam the popular cryptocurrency critic.

Ripple’s general counsel also joined crypto community members in reacting to Munger’s comment. In a tweet yesterday, Alderoty was surprised Munger made the comment at a time when it’s not April Fool’s day, suggesting that the American billionaire investor was joking.

Alderoty said he would add Munger’s WSJ op-ed article to the list of the most ludicrous things he has read in his lifetime.

Wait, it’s not April Fool’s today?! Adding this to the list of the most ludicrous things I’ve read in a long time (that the US should ban crypto to be more like China…) https://t.co/VqdCaKmlkD

— Stuart Alderoty (@s_alderoty) February 2, 2023

Meanwhile, Ripple’s general counsel is one of the top vocal crypto proponents who never gets tired of putting cryptocurrency critics in their place.

Since the beginning of the legal battle between Ripple and the SEC, Alderoty has publicly condemned the regulator on multiple occasions for not providing regulatory clarity. Recently he said while crypto enthusiasts are clamoring for regulatory clarity, the SEC is bent on protecting its turf at the expense of these American investors.

“What we need is regulatory clarity for crypto, not the SEC swinging its billy club to protect its turf at the expense of the more than 40 million Americans in the crypto economy,” he said.