Last week was a calm one for Ripple.
Despite this, Stuart Alderoty, Chief Legal Officer of Ripple Labs, made headlines as he heavily criticised the SEC in a tweet on November 16th. In the tweet he stated that: “The SEC is losing in court; being criticized by Judges for shady behaviour; being rebuked by the Gov’t’s internal auditor; hiding info about meetings with a felon; becoming irrelevant on the international stage.”.
He then followed up in another tweet the day afterwards expressing: “..Gensler has prejudged crypto and has filed suit against others w/o investigation”.
This last claim by Alderoty is specifically harsh as he implies that the SEC is overstepping the boundaries of an independent agency of the US federal government. This was echoed by the C.E.O of Ripple Labs the week before as Brad Garlinghouse stated that he thought the SEC “..has lost sight of their mission to protect investors.", referring to one of the core missions of the agency.
This all coincided with Robert F. Kennedy Jr. attending the North American Blockchain summit (15th-17th Nov). Here, the candidate for the 2024 presidential election vowed his support not only to Bitcoin, but indirectly to Ripple and crypto as a whole. Kennedy stated that currently, the federal government's policy is to go to war on Bitcoin and other “digital currencies”. Furthermore, he said that the spirit of the government should rather be to make the US “the central hub around the world for digital currency”.
The irony is that the first head of the SEC was Joseph P. Kennedy Sr, the grandfather of Robert F. Kennedy Jr.
In terms of price action, XRP traded around the same levels throughout last week with volume between 1-3 billion dollars (approximate numbers).
This text is intended to inform and is not an investment recommendation.
Best regards,
Adam Jakobsen.
NBX Team.
