Ripple CLO Accuses SEC Of Causing Prolonged Suppression In Crypto Market, XRP Keeps Surging
Alderoty again calls on SEC
In the latest X postalRipple CLO Stuart Alderoty accused the SEC of causing massive and prolonged artificial suppression of the cryptocurrency market. He noted the following in the
Aldrotti has previously blasted the SEC for bragging about the record fines it has received, likening it to a professor bragging about their highest class failure rate and most cheating scandals ever. He stressed that this was not a measure of success but an indictment of oversight that went horribly wrong, driven by perverse incentives.
The SEC under Gensler has faced widespread criticism for its hostile stance toward the crypto industry. The agency, led by Gensler, sued Ripple in December 2020, accusing it of violating the law by selling XRP without first registering it as a security. The agency subsequently filed lawsuits against several digital asset companies, including Coinbase Global and Binance Holdings.
Doomsday light?
Analysts predict that legal disputes between cryptocurrency companies and the U.S. Securities and Exchange Commission may be “dismissed or settled” under the Trump administration. Recently, former CFTC Chairman Chris Giancarlo also urged the regulator to drop several cases, including Ripple’s. “It’s time for regulators to drop a lot of these cases,” Giancarlo said in a recent interview with Fox Business on November 26. When asked whether the SEC should specifically drop the Ripple case, Giancarlo responded: “I think it’s time for regulators to drop a lot of these cases.” They should do it.”
Most recently, news of Gensler’s resignation in January drove the price of XRP higher. Digital assets that were labeled “unregistered securities” in previous SEC lawsuits, such as ADA and SOL, have also benefited from this positive sentiment.
“XRP has been in an accumulation phase for almost three years – roughly 900 days. The duration of this phase often determines the strength of subsequent increases, so it’s no surprise that XRP surged around 404% starting on November 4 Strange.” Forbes Report.
The improving regulatory environment and its massive potential could further push XRP prices past the all-time highs of the 2017 bull run in 2025.
XRP is about to hit ATH
Ripple’s chief legal officer’s remarks come as XRP’s market capitalization rises by $100 billion. XRP briefly became the third largest cryptocurrency after gaining $100 billion. On Monday, the coin surged 20% to reach a nearly seven-year high of $2.50, last hit in January 2018. Notably, its market capitalization increased to $139 billion from less than $30 billion on November 5. $2.68, up more than 40% in the past 24 hours.
Among U.S. ETF possibilities, XRP inflows reached an all-time high of $95 million. In addition, WisdomTree has officially submitted an S-1 application for the XRP spot ETF to the SEC, joining the ranks of Bitwise, 21Shares and Canary.
