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Ripple General Counsel and CEO Want Congress to Oversee the SEC

Stuart Alderoty, General Counsel at Ripple, recently highlighted the part played by the U.S. SEC in the recent crypto contagion triggered by the FTX implosion. According to him, Congress should examine the financial regulator’s policies that might have contributed to the contagion. Alderoty believes some of these policies were beyond the SEC’s jurisdiction.

He made these remarks in a recent article published on Fortune Magazine. Alderoty noted that the SEC is repeatedly going beyond its jurisdiction, and Congress has the responsibility to ensure that it keeps the regulator in proper check, especially after the FTX and BlockFi fiascos.

He asserted that the SEC is one of the major reasons why BlockFi got entangled with FTX and consequently collapsed with the bankrupt crypto exchange. BlockFi had to look to FTX to support its financial stand in an attempt to meet the $100M settlement demanded by the SEC following the charges brought on the crypto lender.

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