fxs_header_sponsor_anchor

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

  • Ripple Chief Legal Executive Stuart Alderoty supported US DoJ’s decision on Binance.
  • Alderoty stated that the Binance resolution of AML violations is necessary to bring compliance with these laws to crypto.
  • This shocking development has caused millions of dollars worth of liquidations in the past few hours.

Ripple Chief Legal Executive Stuart Alderoty has commented on the recent developments of the US regulators versus crypto exchange Binance. Alderoty says this step was necessary to bring important AML laws to crypto.

Read more:

US DOJ claims Binance churned $1.6 billion worth of profits via illegal transactions

With Binance market dominance under threat, experts say path for spot Bitcoin ETF is now clear

Breaking: Richard Teng steps up as new Binance CEO as Changpeng Zhao confirms resignation

Alderoty compares this decision from the US regulators to what big banks went through a few years ago. 

Ripple legal executive makes a clear distinction that the US Department of Justice (DoJ) has not mentioned “securities violations” even once.

Importantly, nowhere does the DOJ suggest that Binance committed securities law violations or even suggest that the assets traded on its platform are securities.

Stuart Alderoty notes the absence of the US Securities and Exchange Commission (SEC) in this recent settlement that was due to the combined efforts of the Commodity Futures Trading Commission (CFTC) and US DoJ. He adds,

the agency – under Gensler – has not only become an outlier globally, but an outlier within its own government.

In his tweet thread, Stuart Aleroty comments that the actions of the US SEC and the use of the “crypto asset securities” word was absent from the DoJ’s case against Binance and that it has no meaning under the law. 

Also read: Binance settles with US DoJ as markets anticipate official announcement, CZ steps down as CEO

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.