The post Ripple CLO Calls Out SEC For Bragging Enforcements Actions and Record Fines appeared first on Coinpedia Fintech News
In a recent press release, the SEC Announces Enforcement Results for Fiscal Year 2024, disclosing that it filed 583 total enforcement actions in fiscal year 2024 while obtaining orders for $8.2 billion in financial remedies, which is the highest amount in the history of the SEC.
“Not A Measure of Success”, Slams Ripple CLO
However, Ripple CLO Stuart Alderoty has criticized the US SEC for bragging about enforcement actions and raising record fines. He compared the SEC’s bragging about record fines collected to a professor boasting about their highest-ever class failure rate and the most cheating scandals. He stressed that it is “not a measure of success” but an “indictment of oversight gone terribly wrong, driven by perverse incentives.”
He highlighted the flawed approach of the agency in lawsuits as it has failed to provide clarity to the wider crypto community about rules and regulations. The agency also praised the success of the Division of Enforcement under Gensler and noted that the division helps promote the integrity of the capital markets to benefit the investors and issuers.
“The Division of Enforcement is a steadfast cop on the beat, following the facts and the law wherever they lead to hold wrongdoers accountable,” noted SEC Chair Gary Gensler. “As demonstrated by this year’s results, the Division helps promote the integrity of our capital markets to benefit investors and issuers alike.”
On the contrary, Gensler has faced widespread criticisms from investors and experts who claim that the agency has instead harmed the investors more noting Gensler as the least effective SEC Chairman. However, with Trump’s comeback, the community is expecting clearer regulations on crypto given his pro-crypto stance.
Ripple’s $3.8B Tokensation Plan On XRPL
In a latest development, Ripple has unveiled a $3.8 billion tokenized money market fund built on the XRP Ledger (XRPL). It has collaborated with Archax, a digital securities exchange and global investment powerhouse ABRDN which has helped Ripple launch the XRP Ledger’s first-ever tokenized money market fund.
This endeavor demonstrates XRPL’s potential to revolutionize capital markets by integrating blockchain technology to streamline infrastructure deployment.
XRP ETF Game Gaining Momentum?
Furthermore, beyond Bitcoin, asset managers are now eyeing XRP as the next big player in the ETF space. Recently the Global ETF provider WisdomTree has filed to launch an XRP ETF in the U.S. Notably, this is the third filing to establish a spot XRP ETF in the country after Bitwise and Canary Capital.