Ripple’s Chief Legal Officer, Stuart Alderoty, has strongly criticized SEC Chair Gary Gensler, posing a significant challenge to his regulatory approach. Despite facing legal obstacles, Ripple remains committed to innovation and is considering expanding into the stablecoin market.
In a recent statement, Alderoty accused Gensler of exceeding his authority and portrayed him as a political liability. The tension between Ripple and the SEC has been escalating as Ripple intensifies its criticism of the SEC’s tactics and strategies.
The Ripple vs. SEC case has attracted close attention from the crypto community as both parties prepare for a crucial judgment. Alderoty’s scathing critique, which was highlighted in a May 22 update from CNF, portrayed Gensler as someone who underestimated the complexities of regulating cryptocurrency. Coin Market Cap also reported that while Ripple awaits the court’s final decision, the SEC is insisting on public disclosure of documents that Ripple wants to keep confidential. These documents are related to Ripple’s motions regarding the SEC’s proposed sanctions and remedies, emphasizing the regulator’s pursuit of transparency in this high-stakes legal affair.
Amid the legal proceedings, Ripple has proposed sealing the details of its financial arrangements with key partners. CFO Jonathan Bilich supports this motion. The proposal is a response to the SEC’s claims that Ripple acted recklessly and planned to issue a new unregistered cryptocurrency. Despite these controversies, Ripple’s XRP token has demonstrated resilience in the market. As of May 21, XRP was trading at $0.54, representing a significant increase from the previous week.
Adding to the excitement in the market, Ripple has hinted at its potential entry into the stablecoin market by trademarking “RLUSD,” which suggests plans for a dollar-backed stablecoin. This significant development was first revealed by Collin Brown in a post on X. Brown’s tweet also provides insights into other ongoing activities at Ripple, offering a broader context to their strategic moves.
In the latest update, Ripple’s XRP is trading at $0.5264, showing a slight decrease of 1.59% over the past day but a steady increase of 1.63% over the past week. The ongoing legal battle between Ripple and the SEC continues to loom large, with potential significant implications for XRP’s future market performance and the broader cryptocurrency landscape.
