Ripple has released an official statement accusing the US Securities and Exchange Commission (SEC) of its lawsuit against the company resulting in losses for “countless XRP retail holders.”
The SEC filed a lawsuit against Ripple earlier this month . The commission accuses the Ripple management of selling unregistered securities, which are XRP coins. After that, the XRP rate began a precipitous decline and updated historical lows. The company’s statement highlights:
“The SEC’s decision is not an action against one Ripple, it is an attack on the entire US cryptocurrency industry. We have always said that regulatory uncertainty is very dangerous. The SEC’s actions have already hurt countless retail XRP holders who have nothing to do with Ripple. In addition, this gratuitous lawsuit confused exchanges, market makers and traders. The SEC has brought uncertainty to the market and harmed the community it should defend. Not surprisingly, after the lawsuit, many market participants reacted conservatively.
At the same time, representatives of Ripple noted that most of the company’s clients are located outside the United States, as well as a significant part of the XRP trading takes place outside America. The attitude of foreign authorities towards cryptocurrencies is much more positive, especially in Japan, the UK, Switzerland and Singapore. Regardless, Ripple’s management plans to defend the company in court and bring a little more transparency to the US regulatory environment along the way.
Recall that earlier the suspension of XRP trading was announced by large market makers Jump Trading, Galaxy Digital, B2C2 , payment company Simplex and the American cryptocurrency exchange Coinbase. In addition, the regulated platform OSL from Hong Kong announced the temporary suspension of trading in pairs with XRP and all operations with a crypto asset .