Ripple has fought back against the U.S. Securities and Exchange Commission (SEC), accusing it of creating more uncertainty and failing to fulfill its responsibility to protect the cryptocurrency community. When canceling the SEC’s decision to designate its XRP token as a security, the company claimed that the lawsuit filed by the regulator against it is equivalent to an attack on the entire U.S. cryptocurrency market.
Affected XRP token holders
The latest comments from the Ripple team came after Coinbase cancelled the XRP token report. In a brief statement issued on December 29, the company promised to respond again within a few weeks to resolve these unconfirmed allegations against Ripple. First, the company claims that the public and the media currently only understand the SEC’s narrative.
The Ripple team subsequently criticized the SEC’s $1.3 billion lawsuit against the company on the grounds that the lawsuit has affected “innocent XRP retail holders.” Since the announcement of the lawsuit, the XRP token has now lost more than 50% of its value, and this trend will continue as more and more exchanges delist the token. Ripple statement description:
We have always said that in the United States, the lack of regulatory transparency on encryption is dangerous because their lawsuit has affected countless innocent XRP retail holders and has nothing to do with Ripple. It also unnecessarily muddies the water of exchanges, market makers and traders.
Ripple customers outside the U.S.
At the same time, the Ripple team, whose executives had previously threatened to withdraw from the United States, also reiterated the assertion that tokens are mainly traded outside the country.
“Most of our customers are not in the United States, and most of the overall XRP transaction volume is traded outside the United States. For example, the path to using XRP in the United Kingdom, Japan, Switzerland and Singapore is clear,” Ripple stated.
At the same time, the Ripple team stated that although the statement stated that the company will also pin its hopes on the incoming SEC leadership, it is prepared to defend itself in court. The term of the SEC board of directors led by Jay Clayton has just ended, and the committee decided to file a lawsuit against Ripple. After Clayton left office, lawyer Elad Roisman (Elad Roisman) was appointed as acting chairman.
The new SEC board is unlikely to change course
However, people like lawyer Jake Chervinsky said that despite the board change, the probability of Ripple winning is still high. In a Twitter article, Chervinsky Say:
The change in SEC leadership is extremely unlikely to have any impact on the Ripple case. In view of Mr. Pierce’s silence, I want to vote for filing. In any case, the case will be prosecuted by the law enforcement lawyers who stay here.
Interestingly, although the SEC has ruled that Bitcoin and Ethereum are not securities, this has not prevented Bitcoin opponents like Peter Schiff from accepting this idea.In his latest anti-Bitcoin story, Schiff weight Asked what would happen if the SEC also designated Bitcoin as a security, which would crash Ripple/XRP.
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.
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