Ripple’s Stuart Alderoty rebuts “crypto boys” label, highlights 67 million US crypto holders

Demographics of US Crypto Owners

Alderoty stated that approximately 67 million Americans currently possess cryptocurrency. He emphasized that about one-third of these investors are women, and that the demographic skews older than often assumed, with more holders over the age of 55 than under 25. According to Alderoty, this group includes not only young tech enthusiasts but a wide range of professionals, from teachers and nurses to veterans, parents, construction workers, and small business owners.

“Crypto owners are not a monolith. They’re teachers, construction workers, veterans, nurses, parents, and small business owners, spanning a much greater demographic than critics acknowledge,” Alderoty wrote.

Response to Wall Street Journal Editorial

Alderoty’s remarks were published in response to a Wall Street Journal editorial that criticized the Senate’s proposed CLARITY Act. The editorial, which addressed regulatory efforts in the crypto sector, referred to digital asset advocates as “crypto boys,” a label Alderoty said marginalizes millions of Americans engaged in the sector.

The Wall Street Journal’s editorial board did acknowledge that the CLARITY Act would bring much-needed regulatory clarity. However, it raised concerns that the bill, in its current form, might permit crypto exchanges to provide stablecoin-linked rewards closely resembling interest payments. The editorial also questioned exemptions for certain decentralized networks in the proposed legislation, suggesting these could result in regulatory loopholes.

Members of the crypto sector quickly challenged the editorial. Ji Kim, CEO of the Blockchain Association, described the article as riddled with “factual and legal inaccuracies.”

Ripple is a major US-based blockchain company best known for its digital payments network and the XRP cryptocurrency. Alderoty, as its chief legal officer, plays a key role in advocating for industry-friendly regulation.

Mini dictionary: The CLARITY Act is a proposed US Senate bill intended to clarify which digital assets fall under securities regulations and to provide regulatory certainty for cryptocurrency markets.

Political and Public Opinion Landscape

Despite a rising number of Americans owning digital assets, public and political sentiment toward the crypto industry remains polarized. Alderoty noted that significant segments of the US population, including women and older Americans, are involved in cryptocurrency, complicating simplistic narratives about digital asset investors.

A recent poll by Democratic research firm Normington Petts, shared by media outlet Semafor, indicates that 84% of Democratic primary voters hold an unfavorable view of candidates supported by the crypto sector. The survey suggests the Democratic base currently views cryptocurrency less favorably than other industries, such as oil companies, Wall Street banks, and data centers.

Ownership of cryptocurrency now spans a wide array of Americans, although the industry faces skepticism from key political groups, as recent polling reveals.