The post Ripple CLO Accuses SEC Of Causing Prolonged Suppression In Crypto Market, XRP Keeps Surging appeared first on Coinpedia Fintech News
Alderoty Yet Again Calls Out SEC
In a latest X post, the Ripple CLO, Stuart Alderoty, has accused the SEC of causing massive and prolonged artificial suppression of the crypto market. He noted the following in his X post: “Turns out, the only ‘efforts of others’ that truly moved crypto markets—by causing massive and prolonged artificial suppression—were those of the SEC.”
Previously, Alderoty had slammed the SEC for bragging about its record fines collected, and had compared it to a professor boasting about their highest-ever class failure rate and the most cheating scandals. He had highlighted that it was not a measure of success, but rather an indictment of oversight gone terribly wrong, driven by perverse incentives.
The SEC under Gensler has faced widespread criticism over its hostile approach towards the crypto industry. The agency, under Gensler, sued Ripple in December 2020, alleging it of violating the law by selling XRP without first registering it as a security. The agency then filed lawsuits against several digital asset companies, including Coinbase Global and Binance Holdings.
Light At The End?
Analyst anticipate that legal battles between crypto companies and the SEC may be “dismissed or settled” under the Trump administration. Recently, the former CFTC Chair Chris Giancarlo also urged regulatory agencies to drop several cases, including Ripple’s. In a recent Fox Business interview on Nov. 26, Giancarlo said, “It’s time for regulatory agencies to drop a lot of these cases.” When asked if the SEC should drop the Ripple case specifically, Giancarlo responded: “I think they should.”
Recently, amidst the news of Gensler stepping down in January has contributed to XRP’s price increase. Digital assets flagged as “unregistered securities” in previous SEC litigation, such as ADA and SOL, have also benefited from this positive sentiment.
“XRP was in an accumulation phase for nearly three years—around 900 days. The duration of such a phase often determines the strength of the subsequent rally, so it’s no surprise that from November 4, XRP has surged around 404%,” noted Arthur Azizov, the chief executive of crypto exchange and payment processor B2BinPay, as per a Forbes report.
The improving regulatory landscape and its immense potential could further push the XRP price beyond its 2017 bull run all-time high in 2025.
XRP To Soon Hit ATH
The comments from Ripple’s chief legal officer come as XRP is seeing a $100 billion rise. XRP rose to briefly become the third-largest cryptocurrency following a $100 billion rally. On Monday, the token soared by up to 20% to a nearly seven-year high of $2.50, last touched in January 2018. Remarkably, its market value increased to $139 billion, up from less than $30 billion on November 5. $2.68, up over 40% in the last 24 hours.
Amidst the possibility of a US ETF, XRP had inflows of $95 million, the highest on record. Also, WisdomTree has formally filed an S-1 with the SEC for an XRP spot ETF, joining Bitwise, 21Shares, and Canary in the race.