The lawsuit between Ripple and the Securities and Exchange Commission (SEC) has been one of the most high-profile cases in the crypto industry since it started in December 2020. The outcome of the legal battle has been evident across the crypto market, particularly with XRP.
Several industry figures and companies have called for more transparent regulations to pave the way for growth in the sector. However, the SEC continued to maintain strict policies, directly stifling the growth and innovation of cryptocurrency in the United States.
Ripple CLO Slams SEC Over Prolonged Suppression
In a recent post on X (formerly Twitter), Ripple’s chief legal officer, Stuart Alderoty, accused the regulatory agency of causing visible damage to the crypto sector, and artificially suppressing its growth with prolonged unclear regulations and attacks against top firms and industry leaders.
Read Also: Ripple Vindicated: Dan Tapiero Applauds XRP’s 400% Surge and Legal Triumphs
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Alderoty has not been shy about calling out the SEC. In a previous tweet, he slammed the agency for boasting about the amount of fines it has collected from the crypto industry. He likened it to a university professor bragging about the increasing failure rate and cheating scandals in his class.
Moreover, Alderoty said that it is not a measure of success, but an “indictment of oversight gone terribly wrong.” He made this statement while replying to a report made by the SEC about its enforcement in the crypto industry for 2024 and the total amount it had obtained in financial remedies, up to $8.2 billion.
Source: X
Under Gary Gensler, the SEC attacked several notable companies and figures including Ripple and its top executives, Binance, Coinbase, and Kraken. This brought widespread criticism from the crypto community and observers.
Meanwhile, Gensler announced that he would step down from office on January 20, 2025, the same date as Trump’s inauguration. His resignation would give room for a more crypto-friendly figure overseeing the affairs of the SEC.
XRP Surges Amid Potential Regulatory Overhaul and RLUSD Launch
To prove Alderoty’s point, the crypto industry has rallied significantly since Trump’s victory and Gensler’s resignation announcement. One coin that has secured the spotlight is XRP. Over the last month, XRP has rocketed by 442%, jumping from a low of $0.5 to $2.76. Consequently, the coin has surpassed Dogecoin, BNB, Solana, and USDT to position itself as the third-largest cryptocurrency by market cap.
Source: CoinMarketCap
Another reason for the recent XRP surge is the anticipated launch of the Ripple stablecoin, RLUSD. The blockchain giant previously disclosed its intent to enter into the stablecoin market in April 2024. Fast-forward to now, all is set for the public launch according to Ripple’s president, Monica Long. However, the company still awaits final approval from the New York State Department of Financial Services (NYDFS).
According to Fox Business journalist, Eleanor Terret, the NYDFS has already signaled to Ripple that it will approve the stablecoin for launch soon, therefore, Ripple is looking to launch the coin on December 4. The final launch of RLUSD could be the catalyst that would trigger a meteoric XRP rise beyond its all-time high of $3.4.
Read Also: Ripple vs. SEC: Legal Expert Debunks Court Expedition Rumor
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.