Ripple’s Alderoty accuses the US SEC for BlockFi’s demise

Ripple executive

As the legal battle between Ripple Labs and the Securities and Exchange Commission (SEC) in the United States nears its conclusion, the fintech is throwing one more punch.

Regardless, Ripple’s legal counsel and chief technology officer (CTO) continue to press their case against the SEC, harshly criticizing its anti-crypto enforcement policies.

Ripple’s general counsel, Stuart Alderoty, echoed the SEC’s recently released annual report, in which the agency praised itself.

According to the report, the commission filed 760 enforcement actions this year, a 9% increase from the previous year.

The SEC imposed a record $6.4 billion in penalties and restitution on behalf of investors. This is the highest amount in SEC history and a $3.852 billion increase from fiscal year 2021.

Ripple’s Alderoty was unimpressed with the figures, accusing the US agency of bearing a large part of the blame for BlockFi’s demise as well as engaging in unethical practices.

In February, BlockFi reached a settlement agreement with the SEC after the SEC accused the company of failing to register its retail crypto lending product.


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