Ripple CLO Stuart Alderoty Challenges US SEC

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As a seasoned crypto investor, I find myself constantly navigating the intricate and ever-evolving landscape of digital currencies. The recent statement by Ripple CLO Stuart Alderoty, slamming the U.S. Securities and Exchange Commission (SEC) for boasting about fines collection, resonates deeply with my experiences in this industry.

Stuart Alderoty, representative from Ripple, criticized the U.S. Securities and Exchange Commission (SEC) for boasting about enforcement actions and setting new highs with penalty fines. In essence, Alderoty has contested the SEC’s self-congratulatory tone, pointing out questionable tactics the agency employs in court cases.

Ripple CLO Slams US SEC For Boasting About Fines Collection

Stuart Alderoty, legal executive at Ripple, responded to a post by the U.S. Securities and Exchange Commission (SEC), highlighting their potential for imposing one of the largest penalties ever in the SEC’s history regarding X.

Alderoty lambasted the US SEC for bragging about record fines collection. He compared it with a professor boasting about their highest-ever class failure rate and the most cheating scandals.

Additionally, he stated that the SEC’s supervision seems misguided, motivated by twisted motivations. Importantly, the agency has also fallen short in offering clear guidance on rules and regulations within the cryptocurrency sector. “This is not indicative of success,” he further noted.

In fiscal year 2024, we declared that the Securities and Exchange Commission (SEC) initiated a total of 583 enforcement actions. Furthermore, they secured orders for a record-breaking $8.2 billion in financial remedies – the highest amount ever achieved by the SEC.

Additionally, the government agency proudly announced the achievements of the Enforcement Division, led by SEC Chair Gary Gensler. They attribute these accomplishments to the division’s role in upholding the honesty and fairness within financial markets, thereby protecting investors.

Conversely, investors argue that the agency’s actions have been detrimental to them, and they believe that Gary Gensler ranks as the least productive SEC Chairman in U.S. history.

$4.5 Billion budget. $8.2 billion fines. $1 Trillion damage to capital markets. Solid taxpayer ROI.

— Gabor Gurbacs (@gaborgurbacs) November 26, 2024

Ripple Launches Tokenized Money Market Fund

In collaboration with UK asset manager abrdn and digital exchange Archax, Ripple has unveiled its debut tokenized money market fund. This fund, operable on the XRP Ledger (XRPL), is designed to improve both financial accessibility and liquidity.

Currently, the volume of open interest in XRP futures has exceeded $2.5 billion, suggesting increased trader involvement. Additionally, whales have been buying large amounts of XRP during recent price drops, totaling over 250 million coins. This has sparked speculation that XRP could potentially reach $20 due to its robust market demand.

At present, the value of XRP is at approximately $1.33, marking a decrease of around 10% over the past 24 hours. The total market capitalization for this cryptocurrency amounts to $75 billion, while there have been about $10 billion worth of trades in the last day.

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2024-11-26 14:44