Ripple general counsel calls BlockFi bankruptcy another success for SEC’s ‘regulation by enforcement’ approach
Ripple general counsel Stuart Alderoty described BlockFi’s bankruptcy as another success for the U.S. SEC and its regulation-by-enforcement approach. The Ripple lawyer noted that nothing was ever “registered” in the deal.
BlockFI agreed to pay the US SEC a $100 million fine for its failure to register its lending product with the regulator. The SEC’s top officials repeatedly highlighted how this enforcement action was a major win for the commission. BlockFi received a $400 million line of credit from FTX. The Sam Bankman-Fried-led exchange would later file for bankruptcy
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