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Ripple Labs’ Chief Legal Officer, Stuart Alderoty, has slammed U.S. regulators for unfairly targeting the cryptocurrency industry in money laundering investigations while allowing traditional banks to slip under the radar., Alderoty pointed to the New York Federal Reserve’s reported role in enabling large-scale illicit transfers, including those tied to terrorist groups, as evidence that crypto is not the primary culprit.
While U.S authorities have moved to block the offending banks, the WSJ report claimed the Fed only acted after more than a decade of negligence, even after receiving warnings from the Pentagon about the illicit financial activities. With such cases as proof, Alderoty argued that agencies like the Securities and Exchange Commission and the U.S. Federal Reserve have unfairly scapegoated crypto while turning a blind eye to much larger infractions in the traditional banking sector.His concerns echo those of other crypto advocatesstriking statistics showing that less than 1% of crypto transactions are tied to illicit activities.
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