Ripple Labs’ Chief Legal Officer is cracking down on the U.S. Securities and Exchange Commission (SEC) over what he sees as the agency’s braggadocio.
According to a new post on social media platform X from Ripple CLO Stuart Alderoty, the SEC is looking at the annual statement wrongly.
Says Alderoty,
“The SEC bragging about record fines collected is like a professor bragging about the highest ever failure rate in his class and the most fraudulent scandals. It is not a measure of success – it is an indictment of supervision gone terribly wrong, driven by perverse incentives.”
The Ripple CLO responded to a new press release from the SEC detailing its enforcement actions for fiscal year 2024.
“We announced that the SEC filed a total of 583 enforcement actions in fiscal year 2024 while obtaining orders for $8.2 billion in financial remedies, the largest amount in SEC history.”
The SEC shared an image with a quote from SEC Chairman Gary Gensler, which read:
“The Enforcement Division is a steadfast police officer who follows the facts and the law wherever they lead to hold offenders accountable. As evidenced by this year’s results, the division helps promote the integrity of our capital markets, benefiting both investors and issuers.”
Last week, SEC Chairman Gary Gensler announced he would be stepping down from his position as chairman of the regulatory agency.
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Featured image: Shutterstock/Master1305