Ripple’s chief legal officer (CLO), Stuart Alderoty, pointed out in his recent X post that money laundering is not a cryptocurrency problem alone but is peculiar to the general financial systems.
Ripple CLO, Stuart Alderoty, Claims Money Laundering Is A General Issue Battling The Financial System
On Tuesday, September 10, 2024, Stuart Alderoty, the chief legal officer (CLO) of the embattled Ripple Labs, slammed the US SEC and US Fed in an X post for always scapegoating cryptocurrency for money laundering.
It should be noted that the US regulators launched “Operation Choke Point 2.0” last year to scapegoat cryptocurrency for bank failures.
In his post, Stuart mentioned that money laundering is not a problem peculiar to crypto alone, as some believe. Instead, money laundering affects the general financial systems, including traditional finance.
He added that the NY Federal Reserve is also guilty of several illegitimate transfers of “millions of dollars…to funnel funds to Iran.”
Stuart’s post follows a recent report from the Wall Street Journal (WSJ), where the newspaper outfit reported that the NY Federal Reserve does not have key safety measures against money laundering., which led to the illegitimate channel of funds to terrorist groups in Iran.
Also, this post joins Anthony Scaramucci, the founder of SkyBridge Capital, and John Deaton, a pro-XRP lawyer and Republican Massachusetts Senate candidate, to express criticism of US SEC Chair Gensler and Senator Elizabeth Warren for their anti-cryptocurrency stance.
According to BTCRepublic, Anthony Scaramucci urged President Biden to ignore the “capricious whims” of anti-crypto personalities such as Gensler and Senator Elizabeth Warren.
Other notable execs in the cryptocurrency industry have slammed Elizabeth Warren for her effort to sever connections between Wall Street and the cryptocurrency industry.
The Ripple XRP Community Reacted Positively To Stuart’s X Post
Following Stuart’s X post, the Ripple XRP community, including John Deaton, has agreed with the post.
For instance, John Deaton presented statistics showing how BTC and other cryptocurrencies are least used for illegitimate transactions compared to the traditional finance system.
Deaton added that top banks, such as Wells Fargo, Bank of America, JPMorgan, and HSBC aided in facilitating millions of dollars in money laundering, not cryptocurrencies.
According to the stats, between $800B and $2T is laundered globally annually, as reported by the UN Office on Drugs and Crime,
The Price of Ripple XRP Soared Following The Post
The price of XRP soared about 3.5% in the past 24 hours following the news. At press time, XRP is trading at $0.5391.
XRP’s 24-hour low and high are $0.5281 and $0.5423 respectively. More so, the token experienced a 40% increase in its trading volume in the last 24 hours. This indicates an increase in interest among traders.
