A tumultuous day within the crypto realm saw the Securities and Exchange Commission’s (SEC) X handle initially affirm the approval of the Spot Bitcoin ETF, a move that set ripples through the XRP community and the wider crypto market. Nonetheless, Gary Gensler, the SEC Chair, later stated that the account was violated, a declaration that led to fierce pushback.
The subsequent events were marked by allegations of market manipulation, with the XRP community fiercely contesting the SEC's credibility. Amid the turmoil, leading Ripple figures, including Chief Legal Officer Stuart Alderoty and XRP attorney Bill Morgan, voiced their concerns and called for transparency on their respective X platforms.
Ripple Officials Advise SEC to Uphold Transparency
Stuart Alderoty, Ripple’s Chief Legal Officer, highlighted the importance of accountability, referencing the SEC’s own regulations. Noteworthy is Alderoty's assertion stating that within the span of four days, the SEC ought to unveil the incident's nature, scale, and consequences, along with their measures to thwart cybersecurity threats.
The incident underscores the rising scrutiny over regulatory authorities and the need for precise, reliable communication within the crypto community. Reflecting on this requirement, the SEC introduced a rule in July 2023, a regulation currently quoted by several crypto enthusiasts on the X platform.
As quoted by Alderoty, the crypto community, especially XRP supporters, awaits an in-depth probe into the incident, desiring clear explanations about the potential market consequences and the preventive strategies in place. This sudden unexpected episode raises concerns about the reliability of regulatory announcements and their implications on market behavior.
XRP Attorney Criticizes SEC’s Influence Over Crypto Market
Bill Morgan, XRP's attorney, issued a severe critique of SEC, asserting that the whole institution was undermined the moment Gensler assumed office. Morgan, in his recent X post, roundly dismissed the SEC's claim of a single account being compromised, drawing attention to the regulator's historic impact on the crypto market.
Moreover, he made special reference to the Ripple lawsuit, attributing it to significant drops in XRP prices and substantial liquidations. The comments emphasize a rising dissatisfaction within the crypto community concerning the SEC’s interventions and decisions.
Significantly, the latest observations from the XRP attorney echo high-running sentiments and raise accusations about the SEC's detrimental influence on the crypto market. Nonetheless, the aftermath of this incident may lead the way for transparent and responsible regulatory practices, crucial for maintaining investor trust in the rapidly-growing cryptocurrency realm.
