The cryptocurrency community experienced a whirlwind of emotions as the SEC, through their official X handle, first seemed to approve a Spot Bitcoin ETF, reverberating shock through the XRP users and causing ripples in the wider crypto market. The sequence of events took a confusing turn when SEC Chair, Gary Gensler, revealed that the account had been tampered with, which ignited a fiery response from the crypto users.
Following the adversity, allegations of market manipulation came out, and the XRP community fired back, casting doubt on SEC’s credibility. Amid the disorder, Ripple decision-makers, including Chief Legal Officer Stuart Alderoty and XRP attorney Bill Morgan, publicly addressed their apprehensions and insisted on more transparency on their X platform.
Top Executives at Ripple Call for More Transparency From SEC
Demanding accountability, Ripple’s Stuart Alderoty, enforced the SEC's own regulations. Alderoty explicitly stated that the SEC should provide clear details about the incident and their related cybersecurity measures within a span of four days. This requirement, according to him, includes specifics about the scale, nature, and impact of the breach.
This incident throws a spotlight on the increasing skepticism of regulatory entities and the need for trustworthy and uniform communication in the crypto space. Crypto market followers are referring to this rule, introduced by the SEC in July 2023, on the X platform.
Reiterating Alderoty’s demand for accountability, the digital currency community and particularly, XRP supporters, expects an exhaustive inquiry into the incident. They seek answers about the potential effect on the market and the safeguards the SEC has put in place. This unexpected episode raises doubts about the dependability of regulatory notices and its implications on market trends.
SEC's Impact on Crypto Markets Criticized Strongly by XRP Attorney
XRP lawyer, Bill Morgan, launched a harsh attack on the SEC, arguing that the organization's credibility went downhill after Gensler took the helm. In a recent X post, Morgan rejected the SEC’s claim that only a single account had been compromised, shedding light on the longstanding detrimental influence the regulatory body has over crypto markets.
Morgan also brought attention to the Ripple lawsuit, blaming it for a dramatic fall in XRP rates and widespread sell-offs. His condemnation signs towards a rising sentiment of discontent among the crypto community about the SEC’s dominating role and verdicts.
The increasing criticism of the SEC sparked by the remarks of the XRP attorney shows that feelings are intensified and there's a growing belief that the SEC negatively controls the crypto sphere. Nonetheless, the fallout from this situation could motivate regulatory bodies to adopt a more responsible and transparent methodology, thereby upholding their reputation and maintaining investor trust in the rapidly evolving cryptocurrency market.
