Ripple CLO Slams Crypto Money Laundering Concerns, XRP Community Reacts

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As a seasoned crypto investor with a keen interest in the regulatory landscape, I find myself in full agreement with Ripple CLO Stuart Alderoty’s recent remarks. Having navigated through various market cycles and witnessed the evolution of digital assets, it is evident that the issue of money laundering transcends the realm of cryptocurrencies.

As a crypto investor, I found myself in agreement with Stuart Alderoty, Ripple Labs’ Chief Legal Officer, when he voiced his concerns on Tuesday about the US Federal Reserve and SEC potentially using cryptocurrencies as a scapegoat for money laundering. Alderoty rightly pointed out that even traditional finance systems, like the NY Federal Reserve, have seen illicit transfers of hundreds of millions of dollars to terrorist groups. The XRP community has reacted strongly to Alderoty’s criticism of those behind Operation Choke Point 2.0.

Ripple CLO Says Money Laundering Is Broader Financial System Issue

On September 10, Ripple CLO Stuart Alderoty voiced concerns on various platforms about unfairly blaming cryptocurrencies for money laundering issues. His remarks followed a Wall Street Journal report suggesting that the New York Federal Reserve had insufficient anti-money laundering measures, leading to illegal transactions that funded terrorist organizations in Iran over an extended period.

It’s not accurate to claim that money laundering is solely an issue within the realm of cryptocurrencies. This misconception can be debunked by inquiring with the New York Federal Reserve itself, as they have allowed hundreds of millions of dollars to pass undetected.

Stuart Alderoty voiced criticism towards the U.S. Federal Reserve and the U.S. Securities and Exchange Commission (SEC) for pointing fingers at cryptocurrencies regarding money laundering issues. He, along with others such as lawyer John Deaton and former White House Communications Director Anthony Scaramucci, have expressed disapproval towards Senator Elizabeth Warren and SEC Chair Gary Gensler due to their negative views on digital currencies.

Significantly, some leaders in the cryptocurrency sector have criticized Senator Warren for her attempts to disconnect traditional finance (Wall Street) from the digital currency industry. U.S. regulators have also been accused of blaming crypto for bank failures during the previous year, a practice sometimes referred to as “Operation Choke Point 2.0“.

Guess who terrifies @SenWarren the most?

As a political analyst, I find myself aligning with numerous Kamala Harris supporters, including esteemed figures like Scaramucci and McBride, in backing the Deaton for Senate campaign.

Listen to the Mooch absolutely demolish Warren in 42 seconds flat.

(via @scottmelker)

— MetaLawMan (@MetaLawMan) September 9, 2024

XRP Community Including John Deaton Agrees With Ripple CLO

2022 Massachusetts Senate hopeful John Deaton, representing the GOP, highlights that Bitcoin and cryptocurrencies are comparatively less employed for illegal activities. This viewpoint aligns with Ripple’s Chief Legal Officer, Brad Garlinghouse (Alderoty). Deaton further underscores that leading banks have been involved in laundering hundreds of millions of dollars.

Significantly, the United Nations Office on Drugs and Crime approximates that between $800 billion to $2 trillion is illegally laundered worldwide annually. He emphasized that traditional financial institutions like HSBC, JPMorgan, Bank of America, and Wells Fargo are more often implicated in money laundering, rather than cryptocurrencies.

Brad Garlinghouse, CEO of Ripple, pointed out that the U.S. government’s stance towards cryptocurrency has been unfavorable. The Biden administration appears to have a negative perspective on crypto, which has affected the entire industry. Unlike regulators in other countries, the U.S. Securities and Exchange Commission (SEC) has chosen to regulate through lawsuits against numerous companies instead of adopting a more proactive approach as seen in other nations.

XRP Price Jumps But Sudden Rally Unwarranted

In the past day, XRP‘s price surged approximately 3%, now standing at around $0.539. The price dipped to $0.528 as its lowest point and peaked at $0.542 during this period. Notably, there’s been a significant 40% increase in trading volume over the last 24 hours, suggesting a growing curiosity among traders.

Although the victory in court for Ripple and advancements in the XRP Ledger could potentially boost XRP’s price, an examination by CoinGape suggests that a sudden surge in XRP’s value might not occur due to certain factors.

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2024-09-10 11:15