Ripple Says SEC’s Lawsuit Is Not Just About Ripple It’s An Attack On The Crypto Industry

Finally, the San Francisco-based blockchain payments firm Ripple has broken its silence and has given its response regarding the lawsuit filing of the United States Securities and Exchange Commission (SEC). The company has called SEC’s lawsuit an attack on the cryptocurrency industry.

Ripple has issued a statement on the recent market participant activity and has said that all of the allegations charged by the United States agency are unproven, which means the company refuses to accept these accusations. The company said that it is purely an attack by the SEC on the digital currency space. And it is not just all about Ripple, the team at Ripple said in the official Insight Letter.

While talking about the consequences of this lawsuit, the company said that numerous innocent retail holders of XRP, who do not have any kind of connection with the company, have been affected due to this legal filing of the United States agency. And SEC has caused uncertainty in the market as well. Ripple said that in the United States, there is still a lack of regulatory clarity for digital currencies.

Furthermore, the firm said that as a result of the SEC’s lawsuit, many participants in the market have shown a conservative reaction towards this.

The company said that both press and people have listened to the story told by the US SEC and not from Ripple’s side. The firm said that it would soon file its response within the duration of the next few weeks for addressing these accusations that the SEC has put against them. The company stated that it is looking forward to bringing regulatory clarity for the cryptocurrency industry in the United States and will settle this matter in court.

Meanwhile, the firm said that it will be operating in the United States and will continue to support its clients. It also claimed that most of its clients are not residents of the United States.

This statement from the remittance firm has come one week after the SEC sued the company and filed a lawsuit saying that it has made profits by allegedly selling $1.3 billion worth of unlicensed securities. Ripple did not issue any particular statement regarding this matter until now. However, now, a lot of damage has been done to both the company’s reputation as well as its native digital currency XRP. Many major cryptocurrency exchanges, including Coinbase, OKCoin, Bitstamp, and Crypto.com, have announced to halt the trading of the fourth-ranked digital currency starting from the next month.

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