The Chief Legal Executive of Ripple, Stuart Alderoty, has provided his thoughts on the most recent events between US regulators and the cryptocurrency market Binance. According to Alderoty, this action was required in order to bring significant AML regulations to crypto.
Alderoty draws comparisons between this decision by US regulators and the ordeal that large banks went through a few years ago.
Ripple’s legal executive makes a distinct contrast between the fact that the United States Department of Justice (DoJ) has not once referenced “security violations” and the fact that they have.
Importantly, the DOJ makes no claim whatsoever that Binance violated any securities legislation, nor does it even imply that any of the assets that are traded on Binance’s platform may be considered securities.
Stuart Alderoty points out that the United States Department of Justice and the Commodity Futures Trading Commission worked together to reach this recent settlement, which resulted in the absence of the Securities and Exchange Commission of the United States (SEC).
In addition, under Gensler’s leadership, the agency has not only become an anomaly on the international stage but also an anomaly within its own government.
In the string of tweets he sent, Stuart Aleroty makes the observation that the activities of the US SEC and the usage of the term “crypto asset securities” were not mentioned in the Department of Justice’s case against Binance, and that this is because the term is legally meaningless.
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