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Amid rising fears about money laundering in crypto and exchanges, Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, is setting the record straight! In a fiery post on X, Alderoty called out the U.S. Federal Reserve and SEC for unfairly targeting crypto. He pointed out that traditional finance, like the New York Fed, has been just as guilty of facilitating illicit transfers. Alderoty insists that the real money laundering issue is deeply rooted in the broader financial system, and crypto should not be the scapegoat.
Crypto Is Not the Main Culprit, Says Alderoty!
Alderoty’s comments came in response to a Wall Street Journal report that the New York Fed had allowed hundreds of millions of dollars to be transferred to terrorist groups in Iran due to inadequate money laundering safeguards. He refuted claims that crypto is primarily responsible for such illegal activities, pointing to the flaws in traditional banking systems.
Guess who terrifies @SenWarren the most?
— MetaLawMan (@MetaLawMan) September 9, 2024
It's the MANY Kamala Harris supporters out there–like @Scaramucci & @mcuban–who support @DeatonforSenate.
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(via @scottmelker) pic.twitter.com/CbcYB2aO8J
Expert’s Voiced In Support of Alderoty
John Deaton, a GOP Senate candidate and pro-XRP lawyer, backed Alderoty’s stance, noting that Bitcoin and crypto are far less involved in illicit transactions than major banks. He cited top institutions like HSBC, JPMorgan, and Wells Fargo as key offenders in global money laundering activities, with the United Nations estimating between $800 billion and $2 trillion laundered annually through traditional channels.
Ripple CEO Brad Garlinghouse also weighed in, criticizing the U.S. government’s negative stance toward crypto. He noted that the Biden administration’s regulatory approach, spearheaded by the SEC, has hurt the crypto industry while other countries have adopted more balanced regulations.
XRP Market Snapshot
Despite these tensions, XRP’s price saw a 3% rise in the past 24 hours, trading at $0.539. The surge in trading volume indicated increased interest from traders, but analysts warn that this price jump might not be sustained. XRP faces resistance from a descending trendline and a horizontal level at $0.55.
If XRP breaks through these barriers and closes a daily candle above $0.56, it could rally by 15% to reach $0.65. Currently, XRP is trading at $0.538, marking a 2.5% increase over the last 24 hours. Trading volume surged by 65%, reflecting heightened interest from crypto enthusiasts as the market recovers.
Do you think traditional finance deserves more blame than crypto for money laundering?