2024

Gary

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ripple-labs-critiques-secs-enforcement-actions/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ripple Labs Critiques SEC’s Enforcement Actions</a> 
Stuart Alderoty, Chief Legal Officer of Ripple Labs, criticized the U.S. Securities and Exchange Commission (<a href="https://en.coin-turk.com/us-inflation-data-will-crypto-prices-continue-to-rise/" data-wpel-link="internal" rel="noopener noreferrer nofollow">SEC</a>) for exaggerating its enforcement actions for 2024. Alderoty made these comments in a recent post on the social media platform X, arguing that the SEC’s annual assessment is fundamentally flawed.
<h2 id="concerns-over-sec-s-enforcement-actions">Concerns Over SEC’s Enforcement Actions</h2>
In his statements, Alderoty compared the SEC’s celebration of its record fines to a professor boasting about a high failure rate and significant cheating scandals. He emphasized that such metrics do not reflect success but indicate the failures within the oversight system.
<blockquote>
 “Celebrating registration penalties is not a success metric—it reveals substantial failures in oversight.”
</blockquote>
The SEC reported conducting a total of 583 enforcement actions in the 2024 fiscal year, resulting in $8.2 billion in financial remedies, marking the highest amount in its history. Alderoty further highlighted that SEC Chairman Gary Gensler’s statements do not signify the effectiveness of their regulatory framework.
<h2 id="gary-gensler-s-resignation">Gary Gensler’s Resignation</h2>
Last week, SEC Chairman Gary Gensler announced his resignation, which is viewed as a consequence of the agency’s approach to <a href="https://en.coin-turk.com/sony-explores-launching-yen-backed-stablecoin/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a> regulations. Gensler stated that the Enforcement Division acts in accordance with facts and law to hold wrongdoers accountable.
<blockquote>
 “The results this year demonstrate our commitment to promoting the integrity of our capital markets.”
</blockquote>
Ripple’s critiques question the impact of the SEC’s enforcement actions on the industry and the overall efficacy of the regulatory framework. As the SEC’s heavy penalties continue to exert pressure on financial markets, companies like Ripple argue that the enforcement measures exceed regulatory intentions.
The relationship between the SEC’s future actions and Ripple, along with other cryptocurrency firms, will remain pivotal in shaping the market landscape. The SEC’s regulatory strategies and Ripple’s responses are expected to play a significant role in the regulation of cryptocurrency markets.
The ongoing dynamic between Ripple and the SEC emerges as a critical factor in determining the future direction of cryptocurrency regulations.
The post <a href="https://en.coin-turk.com/ripple-labs-critiques-secs-enforcement-actions/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ripple Labs Critiques SEC’s Enforcement Actions</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Ripple Labs Critiques SEC’s Enforcement Actions

Table of Contents

COINTURK NEWS

Other articles published on Nov 27, 2024

Brazil Moves Forward with Bitcoin Reserve Legislation

Solana's Pump.fun Shuts Down Livestreams After Content Moderation Failure

Musk Daddy Solana Memecoin to Rally 12,000% Ahead of Exchange Listing, As SHIB and DOGE Fall

Blockchain protocols aim to break up digital advertising cartel

Crypto miner MARA wants US moving quicker to gobble up Bitcoin

Quantoz Unveils MiCA-Compliant Stablecoins USDQ and EURQ Backed by Tether and Kraken

Join our free newsletter for daily crypto updates!