dailyhodl.com
The chief legal officer at Ripple Labs is coming down hard on the U.S. Securities and Exchange Commission (SEC) over what he perceives as the agency bragging.
According to a new post on the social media platform X from Ripple CLO Stuart Alderoty, the SEC is looking at its year-in-review incorrectly.
Says Alderoty,
“The SEC bragging about record fines collected is like a professor boasting about their highest-ever class failure rate and the most cheating scandals. It’s not a measure of success – it’s an indictment of oversight gone terribly wrong, driven by perverse incentives.”
The Ripple CLO was responding to a new press release from the SEC detailing its enforcement actions for the fiscal year of 2024.
“We announced that the SEC filed 583 total enforcement actions in fiscal year 2024 while obtaining orders for $8.2 billion in financial remedies, the highest amount in SEC history.”
The SEC shared an image with a quote from SEC Chair Gary Gensler that read as follows:
“The Division of Enforcement is a steadfast cop on the beat, following the facts and the law wherever they lead to hold wrongdoers accountable. As demonstrated by this year’s results, the Division helps promote the integrity of our capital markets to benefit investors and issuers alike.”
Last week, SEC chair Gary Gensler announced he was leaving his position as Chair of the regulatory agency.