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Ripple executive says US DoJ decision is “necessary” to bring crypto into compliance

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212 Listen to this article Stuart Alderoty, Chief Legal Executive at Ripple, has provided insights into the recent developments involving […]

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Stuart Alderoty, Chief Legal Executive at Ripple, has provided insights into the recent developments involving US regulators and cryptocurrency exchange Binance. Alderoty asserts that the regulatory intervention was crucial to introducing significant Anti-Money Laundering (AML) laws to the cryptocurrency sector. He draws parallels between this regulatory action and the scrutiny faced by major banks in past years.

Alderoty highlights a noteworthy aspect of the US Department of Justice’s (DoJ) approach, emphasizing that throughout the legal proceedings, there has been no mention of “securities violations.” This distinction is crucial, as it signifies that the DoJ has not implicated Binance in violating securities laws or suggested that the assets traded on the platform are considered securities.

Of particular interest is the absence of the US Securities and Exchange Commission (SEC) in the recent settlement. Alderoty points out that the resolution was achieved through collaborative efforts between the Commodity Futures Trading Commission (CFTC) and the US Department of Justice. He goes on to express his view that, under the leadership of Gary Gensler, the SEC has become an outlier not only on a global scale but even within the broader US government.

In a series of tweets, Stuart Alderoty underscores the actions of the SEC and emphasizes the notable absence of the term “crypto asset securities” in the DoJ’s case against Binance. He contends that the omission of this term holds no legal significance.

Read Also:  Ripple Secures Full License to Operate in Singapore, Expanding in Asia-Pacific

Frequently Asked Questions (FAQs):

1. Why does Stuart Alderoty believe the regulatory intervention against Binance was necessary?

Alderoty believes that the regulatory action was essential to introduce significant Anti-Money Laundering (AML) laws to the cryptocurrency sector, drawing parallels to the scrutiny faced by major banks.

2. What is the crucial distinction highlighted by Stuart Alderoty regarding the US Department of Justice’s approach to Binance?

Alderoty emphasizes that the DoJ has not mentioned “securities violations” in its case against Binance, indicating that Binance is not accused of violating securities laws or trading securities assets.

3. Why does Stuart Alderoty find the absence of the US Securities and Exchange Commission (SEC) noteworthy in the Binance settlement?

Alderoty points out the absence of the SEC in the resolution, highlighting that it was achieved through collaboration between the Commodity Futures Trading Commission (CFTC) and the US Department of Justice.

4. How does Stuart Alderoty characterize the SEC’s position under the leadership of Gary Gensler?

Alderoty expresses his view that, under Gary Gensler’s leadership, the SEC has become an outlier not only on a global scale but even within the broader US government.

5. What term does Stuart Alderoty find notably absent in the Department of Justice’s case against Binance?

Alderoty underscores the absence of the term “crypto asset securities” in the DoJ’s case against Binance and contends that this omission holds no legal significance.

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