Ripple CLO Stuart Alderoty slammed the U.S. Securities and Exchange Commission (SEC) for bragging about enforcement actions and raising record fines. Stuart Alderoty has challenged the bragging rights of the US SEC, highlighting the flawed approach the government agency has taken in lawsuits.
Ripple CLO Slams US SEC For Boasting About Fines Collection
Ripple CLO Stuart Alderoty reacted to the U.S. Securities and Exchange Commission’s (SEC) post on X about collecting record fines in the history of the agency.
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.
Furthermore, he added that the SEC’s oversight has gone wrong, driven by perverse incentives. Notably, the agency has also failed to provide clarity to the crypto community about rules and regulations. “It’s not a measure of success,” he added.
“We announced that the SEC filed 583 total enforcement actions in fiscal year 2024 while obtaining orders for $8.2 billion in financial remedies, the highest amount in SEC history, said the US SEC.
The government agency also boasted about the success of the Division of Enforcement under SEC Chair Gary Gensler. It claims the enforcement division has helped promote the integrity of capital markets to benefit investors.
However, investors claimed the agency has harmed investors more and Gary Gensler is the least effective SEC Chairman in American 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
Ripple has introduced its first tokenized money market fund in partnership with UK-based asset manager abrdn and crypto exchange Archax. The fund, available on the XRP Ledger (XRPL), aims to enhance financial accessibility and liquidity.
Meanwhile, XRP futures open interest surpassed $2.50 billion, signaling growing trader activity. Whale accumulation also continues, with over 250 million XRP purchased during recent price dips. This has fueled speculation of a rally toward $20 as XRP shows strong market demand.
Currently, XRP price trades at $1.33, down 10% in the last 24 hours. Its market cap stands at $75 billion, with $10 billion in trading volume.
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