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The Ripple CLO meant that US regulators have always been protecting banks despite facilitating money laundering through their platform while targeting crypto unnecessarily.
Key Notes
Ripple CLO stated that not crypto but traditional financial institutions including the NY Federal Reserve have contributed in money laundering.XRP attorney John Deaton argued that less than 1% of crypto transactions are tied to illicit activity.Crypto industry veterans lave lashed out at Senator Elizabeth Warren’s constant attacks on cryptocurrency.Ripple‘s Chief Legal Officer Stuart Alderoty has recently slammed regulators like the US Securities and Exchange Commission (SEC) and the Federal Reserve for using crypto as a scapegoat in the money-laundering issues.
He also stated that the traditional financial systems, like the New York Federal Reserve, have also made millions of dollars in transfers. The Ripple CLO meant that US regulators have always been protecting banks despite facilitating money laundering through their platform while targeting crypto unnecessarily. In a message on the X platform, Stuart Alderoty stated:
“Some say money laundering is a crypto problem. Not true. Just ask the NY Federal Reserve, which let hundreds of millions of dollars slip through.”
Other crypto market players have also been slamming lawmakers for targeting crypto. XRP lawyer John Deaton, who won the Republican primary last week from Massachusetts, challenged Senator Elizabeth Warren’s focus on cryptocurrency, during his recent interview with WBUR.
Deaton noted that less than 1% of Bitcoin and other cryptocurrencies are used for illicit transactions, a figure far lower than traditional financial institutions.
On the other hand, he also pointed out that top US banks launder anywhere between $800 billion and $2 trillion annually, citing data from the UN Office on Drugs and Crime. He highlighted major banks like HSBC, which laundered nearly $900 million for drug cartels, and accused institutions like JPMorgan, Bank of America, Wells Fargo, and Deutsche Bank of being the real culprits in global money laundering.
In addition to John Deaton, prominent crypto industry figures like Anthony Scaramucci and Mark Cuban, who support Kamala Harris, have also criticized Elizabeth Warren. Labeling her a hypocrite, Scaramucci further referred to Senator Warren and Gary Gensler as the “axis of regulatory evil.”
John Deaton Fights for Crypto
Addressing Senator Warren, John Deaton further responded to her remarks by clarifying his role in the crypto industry. “Whenever you talk about me, you mention crypto billionaires, but you clearly have me confused with someone else,” he said.
He went on to state that he has served as an attorney who sued the SEC, exposing regulatory capture by crypto billionaires and hedge funds. Deaton also highlighted his involvement in prompting an Inspector General investigation into conflicts of interest at the SEC.
Over a span of three years, Deaton represented 75,000 individual token holders, small investors, and users, while advocating for their rights in litigation against the US SEC.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
