Ripple’s Chief Legal Officer Stuart Alderoty has challenged the idea that cryptocurrency is only used by a small group of young men, saying millions of Americans now own digital assets.
Alderoty pointed to survey data showing that around 67 million Americans hold cryptocurrency, arguing that crypto users include people from many backgrounds, including workers in education, construction, healthcare, and small businesses.
His comments came after a Wall Street Journal editorial described crypto supporters as “crypto boys.” Alderoty said this description does not reflect the wider group of people using digital assets today.
Crypto ownership is becoming more diverse
A report from the National Cryptocurrency Association found that crypto ownership has expanded across different age groups and genders.
The survey showed that 42% of people who recently purchased cryptocurrency were women, compared with 34% among earlier crypto buyers. It also found that 28% of recent crypto holders were 55 years old or older, while only 18% were between 18 and 24 years old.
The report also showed that many crypto holders have household incomes below $150,000, suggesting that ownership is not limited to wealthy investors.
However, the survey only reflects people who already own crypto and does not show that everyone has a positive view of the industry.
Ripple’s role in crypto advocacy
Alderoty’s comments come as he serves two roles: chief legal officer at Ripple and president of the National Cryptocurrency Association.
The organization was launched with $50 million in funding from Ripple and focuses on crypto education and public awareness. Because of its connection to Ripple, some observers note that the group’s research is part of a broader effort to support wider acceptance of digital assets.
Ripple has also been active in supporting clearer crypto regulations in Washington, including efforts related to the CLARITY Act.
CLARITY Act debate continues
The CLARITY Act aims to create clearer rules for the digital asset industry and define the roles of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).
While the bill gained some bipartisan support, negotiations have become difficult. Lawmakers continue to debate issues involving consumer protection, ethics rules, financial risks, and national security concerns.
Crypto industry supporters argue that clear regulations would help innovation grow in the United States, while critics believe stronger protections are needed before expanding the industry’s reach.
Next steps for crypto regulation
The Senate delayed a planned CLARITY Act vote until September, meaning lawmakers will continue negotiations after their recess.
For Ripple and Alderoty, the growing number of crypto users strengthens the argument that digital assets are now part of mainstream American life. However, the size of the crypto community alone does not settle the debate over how the industry should be regulated.
The next major step will come when lawmakers return and decide whether they can reach enough agreement to move the CLARITY Act forward.
