The U.S. Securities and Exchange Commission (SEC) has been accused of artificially suppressing the copyright market. Ripple’s Chief Legal Officer, Stuart Alderoty, strongly criticised the regulatory body’s actions.

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Ripple’s Legal Chief Blames SEC for Market Manipulation

In a tweet, Alderoty claimed that the SEC has caused significant disruptions to the copyright market. He stated, “The only ‘efforts of others’ that truly moved copyright markets by causing massive and prolonged artificial suppression were those of the SEC.”

The SEC’s lawsuit against Ripple, filed in December 2020, was cited as a prime example. The regulatory body accused Ripple of selling XRP without registering it as a security.

https://twitter.com/s_alderoty/status/1863556470064681212

Ripple Lawsuit and Broader SEC Actions

The SEC, under Chair Gary Gensler, has targeted several copyright firms, including copyright and copyright. While Bitcoin is classified as a commodity, the SEC argues that most other tokens are unregistered securities.

Gensler’s plan to step down in January has contributed to recent optimism in the copyright market. Tokens previously labelled unregistered securities, such as ADA and SOL, have also increased prices.

XRP Sees Record-Breaking Inflows

The XRP token has experienced significant growth alongside Alderoty’s remarks. A $100 billion rally propelled XRP to reclaim its spot as the third-largest copyright briefly. On Monday, XRP surged by 20%, reaching $2.50, a level not seen since January 2018.

During this rally, XRP’s market value rose from under $30 billion on November 5 to $139 billion. As of now, XRP is the fourth-largest copyright, valued at $130.29 billion.

Record Inflows and ETF Speculation Boost XRP

According to a CoinShares report, recent inflows into XRP totalled $95 million, the highest recorded inflow for the token. Much of this excitement has been fueled by speculation about a potential U.S.-based XRP ETF.

WisdomTree recently filed an S-1 with the SEC for an XRP spot ETF. Bitwise, 21Shares, and Canary submitted similar applications. These developments have contributed to the growing buzz around XRP.

Ripple’s Stand Against SEC Sparks Optimism

Ripple’s ongoing battle with the SEC has brought attention to regulatory challenges in the copyright space. Despite these obstacles, XRP has continued gaining momentum, which is supported by positive sentiment and growing institutional interest.