CandleFocus Ripple's Top Lawyer Slams SEC for Market Suppression
2024-12-02
Author: Content Editor
Ripple's Chief Legal Officer, Stuart Alderoty, has criticized the U.S. Securities and Exchange Commission (SEC), accusing it of artificially suppressing the cryptocurrency market. Alderoty claimed that the SEC's actions had caused massive and prolonged suppression of crypto prices. The SEC had sued Ripple in December 2020 for allegedly violating securities laws by selling XRP without registering it as a security. The agency, led by Chair Gary Gensler, has also filed lawsuits against other digital asset companies. The comments from Ripple's chief legal officer come as XRP experienced a significant rise in value, reaching a nearly seven-year high of $2.50 and a market value of $139 billion. XRP's surge in value is partly attributed to positive sentiment driven by speculation of a U.S. Exchange Traded Fund (ETF) for XRP. WisdomTree has joined other firms in filing for an XRP spot ETF with the SEC.
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