- Ripple’s Chief Legal Officer Stuart Alderoty shared his views on the merits of the Terraform case ruling.
- Judge Rakoff sided with the US Securities and Exchange Commission in the lawsuit against Terraform Labs.
- XRP price eyes recovery to $0.70 as BTC sustains above $42,000.
Ripple’s Chief Legal Officer, Stuart Alderoty, highlighted that the Judge presiding over the Terraform case did not criticize or even cite Judge Torres’ Ripple ruling. Alderoty called out the SEC for its “forever” crypto ground war.
XRP price traded sideways below $0.65.
Ripple CLO comments on Terraform ruling
On December 28, a US Federal Judge ruled that Do Kwon and Terraform Labs have violated US law by failing to register two digital currencies, LUNA and UST. These two assets imploded in 2022.
Judge Jed Rakoff sided with the Securities and Exchange Commission (SEC) in its ruling and noted that cryptocurrency assets of Terraform Labs were unregistered securities because they qualified as “investment contracts.”
Ripple’s CLO, Alderoty claimed that he had no firm view on the merits of the case and shared facts of the ruling in a recent tweet. The executive noted that Judge Jed Rakoff did not criticize or even cite Judge Torres’ Ripple ruling. Alderoty observed that the SEC’s “forever” crypto ground war is on and the US financial regulator is fighting token by token, in a lengthy litigation process.
Alderoty condemns the SEC’s fight against cryptocurrency firms and tokens.
I have no firm view on the merits of the Terraform case, but here are a couple of thoughts on yesterday’s ruling. 1. Facts matter. 2. Judge Rakoff does not criticize, let alone even cite, Judge Torres’ Ripple ruling; 3. The SEC’s “forever” crypto ground war, fighting token by…
— Stuart Alderoty (@s_alderoty) December 29, 2023
XRP price eyes recovery
At the time of writing, XRP price is $0.6200. The altcoin sustained above the psychological barrier at $0.60. The altcoin sustained the uptrend that started in October 2023, XRP price is likely to make a comeback to its November local peak of $0.7499.
XRP price is above its 200-day Exponential Moving Average (EMA) at $0.5693. XRP price is largely unchanged in the past week.
XRP/USDT 1-day chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.