According to U.Today, Ripple's Chief Legal Officer, Stuart Alderoty, has recently drawn comparisons between the internet and cryptocurrency, following recent decisions by the U.S. Supreme Court. On July 1, the Supreme Court sent several controversial laws related to social media back to lower courts, leaving no final ruling on whether states can prevent social media companies from moderating content posted on their platforms. The Supreme Court opinion, penned by Justice Elena Kagan, stated that the record is 'underdeveloped,' indicating a need for more input from lower courts.
Justice Kagan noted that the term 'internet' likely no longer requires a definition due to its widespread use over the past three decades. She pointed out that Facebook and YouTube alone have more than two billion users. Alderoty believes this Supreme Court opinion also underscores the 'vast potential' of cryptocurrencies. He stated in a social media post, 'The opening paragraph of today’s Supreme Court’s decision on internet content highlights crypto’s vast potential. In 1997 only 40 million people used the internet and most didn’t even know what it was.'
Many cryptocurrency enthusiasts have drawn parallels between the internet and digital assets to emphasize the disruptive potential of the latter. However, a report by Architect Partners challenges this popular narrative, highlighting that cryptocurrency adoption is progressing at a slower pace and remains smaller than the internet industry in the early 2000s.