Foresight News reports that Ripple's Chief Legal Officer Stuart Alderoty stated, "The U.S. Securities and Exchange Commission (SEC) boasts about record fines like a professor boasts about their highest ever failure rate in class and the most cheating scandals. This is not a measure of success, but rather an indictment of serious regulatory failures driven by improper incentives."
The SEC stated that it initiated a total of 583 enforcement actions in fiscal year 2024, while obtaining $8.2 billion in financial remedies, the highest amount in SEC history.