- Ripple’s Chief Legal Officer, Stuart Alderoty, criticizes the SEC’s prolonged legal battles in the crypto space, particularly in light of the recent Terraform case ruling.
- Despite ongoing regulatory challenges, XRP’s price remains resilient at $0.6200, signaling potential recovery to $0.70 amid sustained market volatility and positive momentum.
Ripple’s Chief Legal Officer, Stuart Alderoty, has taken a bold stance against the U.S. Securities and Exchange Commission (SEC), criticizing what he calls the regulator’s “forever” crypto ground war. The comments come in the wake of a recent ruling in the Terraform case, where Judge Jed Rakoff sided with the SEC, a decision that Alderoty finds contentious.
In the Terraform case, the judge ruled against Do Kwon and Terraform Labs, asserting that the digital currencies LUNA and UST were unregistered securities. This decision has sparked concerns within the crypto community about the SEC’s approach to the industry. Alderoty, however, noted that Judge Rakoff did not criticize or reference Judge Torres’ Ripple ruling in the process.
I have no firm view on the merits of the Terraform case, but here are a couple of thoughts on yesterday’s ruling. 1. Facts matter. 2. Judge Rakoff does not criticize, let alone even cite, Judge Torres’ Ripple ruling; 3. The SEC’s “forever” crypto ground war, fighting token by…
— Stuart Alderoty (@s_alderoty) December 29, 2023
Alderoty Condemns SEC’s Prolonged Crypto Battle
Expressing his discontent with the SEC’s strategy, Alderoty took to Twitter to share his views on the Terraform case ruling. He emphasized that the SEC is engaged in a “forever” crypto ground war, where the regulator seems determined to litigate against various tokens one by one. This approach, according to Alderoty, prolongs legal battles and raises questions about the regulatory clarity within the crypto space.
As Ripple’s Chief Legal Officer condemns the SEC’s persistent legal battles against cryptocurrency firms and tokens, the broader crypto community is closely watching the developments, anticipating potential impacts on the industry.
XRP Price Aims for Recovery Amidst Market Volatility
Meanwhile, the price of Ripple’s native cryptocurrency, XRP, remains in focus. Currently trading at $0.6200, XRP has been trading sideways below $0.65 amidst market fluctuations. However, with Bitcoin sustaining above $42,000, XRP is eyeing a recovery to $0.70.
XRP’s price action suggests resilience, maintaining an uptrend since October 2023. Positioned above its 200-day Exponential Moving Average (EMA) at $0.5693, XRP is poised for a potential comeback to its November local peak of $0.7499. The altcoin’s ability to sustain above the psychological barrier at $0.60 indicates positive momentum despite the ongoing regulatory uncertainties.
As the crypto market continues to navigate regulatory challenges, Ripple’s response to the SEC’s “forever” crypto ground war and XRP’s price trajectory will likely remain in the spotlight, shaping the narrative for the industry in the coming months.
Ripple’s executive critique of the SEC’s approach reflects broader concerns within the crypto community, while XRP’s price movements underscore the resilience of certain cryptocurrencies amidst regulatory uncertainties
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