Ripple’s legal chief challenges Wall Street Journal’s crypto narrative, cites 67 million US owners

Diverse Demographics in US Crypto Ownership

Alderoty asserted that the crypto community in the United States extends well beyond the narrow image implied by critics. He noted that approximately 67 million Americans now hold digital assets like cryptocurrencies.

He highlighted demographic data revealing that about one in three American crypto holders are women. Additionally, a higher percentage of owners are above the age of 55 than those under 25.

In his remarks, Alderoty commented, “They’re teachers, construction workers, veterans, nurses, parents, and small business owners,” emphasizing the wide cross-section of backgrounds among crypto users.

Response to the Wall Street Journal Editorial

Alderoty’s statements came in response to an editorial criticizing the Senate’s proposed CLARITY Act, a bill designed to bring regulatory clarity to the digital asset market. The Wall Street Journal acknowledged that the legislation would establish long-awaited regulatory standards.

However, the editorial board argued that the act requires further revisions. They pointed to potential loopholes that could permit crypto exchanges to offer stablecoin-related rewards mirroring traditional interest payments, and voiced concerns about exemptions for certain decentralized networks.

The editorial spurred swift reactions from within the crypto sector. Blockchain Association CEO Ji Kim claimed the Wall Street Journal piece contained “factual and legal inaccuracies.”

Ripple’s Alderoty continued to argue that digital asset ownership now cuts across all walks of American life, challenging lingering stereotypes.

Alderoty pointed to US crypto holders as being more varied than critics credit—teachers, veterans, parents, and small business owners—suggesting that the label “crypto boys” fails to represent the industry’s true diversity.

Political Divide Remains Apparent

Despite growing adoption, significant divides persist in how digital assets are viewed across the political spectrum. Recent polling highlights resistance among Democratic voters to the crypto industry.

A survey conducted by the Democratic research firm Normington Petts and reviewed by Semafor found that 84% of Democratic primary voters consider candidates supported by the crypto industry in an unfavorable light.

According to the same poll, crypto has a more negative reputation among Democratic voters than sectors like oil companies, major banks, and data centers.

Mini dictionary: CLARITY Act, a legislative proposal in the United States aimed at establishing clearer regulatory guidelines for digital assets and cryptocurrency-related financial activity.