Ripple acknowledges the SEC, claiming that the $ 1.3 billion lawsuit is ‘an attack on the entire crypto industry in the United States’.


Ripple has made a comeback to the US Securities and Exchange Commission (SEC), accusing him of creating more uncertainty and failing in his duty to protect the crypto community. In carrying out the SEC’s decision to designate its XRP token as security, the company claims that the regulator’s lawsuit against it amounts to an attack on the entire crypto market in the US.

XRP Token Holders Affected

The latest comments from the Ripple team follow reports of XRP tokens delimitation by Coinbase. In a small statement released on December 29, the firm, which is promising another “response” in a few weeks to address these uncomplicated allegations against Ripple, begins by claiming that the public and the media are currently Only the SEC is aware of the statement.

Ripple acknowledges the SEC, claiming that the $ 1.3 billion lawsuit is 'an attack on the entire crypto industry in the United States'.

Ripple’s team argued the SEC’s $ 1.3 billion lawsuit against the company, saying it had affected “innocent retail business holders”. Since the announcement of the lawsuit, the XRP token has now lost more than 50% of its value and the trend is set to continue as more exchanges. The Ripple statement states:

We have always said that there is an alarming lack of regulatory clarity for cryptocurrencies in the US – their lawsuit has already affected countless innocent XRP retail holders who have no connection with Ripple. It has also not met the water requirement for exchanges, market makers and traders.

Customers outside the United States

Meanwhile, the Ripple team, whose officials have previously threatened to exit the United States, also reiterates that the token trades primarily outside that country.

“The majority of our customers are not in the US, and overall XRP volume is largely traded outside the US. For example, the UK, Japan, Switzerland and Singapore have clear road rules for using XRP, “Wave statement.

Meanwhile, the Ripple team says it is ready to defend itself in court, although the statement suggests that the company is also raising hopes for the upcoming SEC leadership. Jay Clayton’s tenure led the SEC board, which decided to file a lawsuit against Ripple, recently expired. After Clayton’s departure, attorney Allad Roisman has been appointed acting president.

New SEC board to change course

However, others, such as lawyer Jake Cherwinski, say Ripple is still against the victory despite the board’s changes. In a Twitter post, Chervinsky it is said:

It is very unlikely that a change in SEC leadership will have any effect on the Ripple case. Given Comrade Peirce’s typical silence, I think there was a consensus in favor of filing the vote. Despite this, the case is being prosecuted by enforcement lawyers who are here to stay.

Interestingly, while the SEC has already ruled that bitcoin and Ethereum are not securities, that has not stopped bitcoin opponents like Peter Schiff from entertaining the idea. In his latest impeachment against bitcoin, Schiff Weighs In Ripple / XRP debacle by asking what would happen if SEC named bitcoin as a security in the same way.

Do you think the recent changes in the SEC will have an impact on the outcome of this case? Share your thoughts in the comments section below.

Image credit: Shutterstock, Picabee, Vicky Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell any products, services or companies, or a recommendation or endorsement. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, either directly or indirectly, for the use of or reliance on any of the materials, goods or services mentioned in this article, or for the loss or damage caused.

Leave a Reply

Your email address will not be published.