Ripple promises to respond blow by blow to SEC ‚attacks‘
Ripple has issued a press release inviting the crypto world to also hear its side of the story in its dispute with the SEC
XRP’s value is in freefall following a wave of delistings from many major exchanges, Ripple Labs released a statement on Tuesday, vowing Crypto Trader to respond to the charges brought against the company by the US Securities and Exchange Commission. The statement opens with the following message:
„The public and the press have only heard the story from the SEC’s point of view, we will respond in a few weeks to dismantle these unfounded allegations against Ripple.“
The statement claims that the SEC is attacking Ripple to bring down the entire US crypto industry, and that for years the company has been fighting for greater regulatory clarity regarding digital assets, but has not been heard. Some analysts believe that Coinbase’s decision to suspend XRP trading from January could spell the end for the digital asset, as Ripple is about to embark on what is likely to be a multi-year dispute with the SEC.
Coinbase’s decision came as no surprise to insiders, as the exchange’s IPO now seems imminent
Since the SEC filed a lawsuit against Ripple for allegedly violating securities laws, several exchanges have decided to remove XRP to avoid regulatory and reputational backlash. Ripple claims that the lawsuit „has already affected countless XRP holders, who have no direct connection to Ripple.“
In the meantime, Ripple will continue to operate and support all of its products outside of the United States:
„Most of our customers are not located in the US; overall, most XRPs are traded outside the US. There are clear rules for the use of XRP in the UK, Japan, Switzerland and Singapore, for example.“
As previously reported by Cointelegraph, Ripple CEO Brad Garlinghouse believes his company will still be successful regardless of how the SEC chooses to classify XRP, given that over 90% of RippleNet users are located overseas.
Few within the crypto industry have defended Ripple against the SEC’s accusations. Even Coin Center, a Washington-based think tank working to increase cryptocurrency adoption, says it can’t argue that XRP isn’t a security.