Ripple is addressing the impact that the U.S. Securities and Exchange Commission’s (SEC) case against the payments startup has had on the cryptocurrency XRP.
In a new statement, Ripple says it will be filing its official response to the SEC, which accuses Ripple of selling XRP as an unregistered security, in a few weeks.
Ripple calls the lawsuit an attack on the crypto industry at large, pointing to the impact its had on investors who own the digital asset.
“The SEC’s decision to file this action is not just about Ripple, it is an attack on the entire crypto industry here in the United States. We’ve always said that there is a dangerous lack of regulatory clarity for crypto in the U.S. – their lawsuit has already affected countless innocent XRP retail holders with no connection to Ripple.
It has also needlessly muddied the waters for exchanges, market makers and traders. The SEC has introduced more uncertainty into the market, actively harming the community they’re supposed to protect. It’s no surprise that some market participants are reacting conservatively as a result.”
Ripple says it will continue its mission while defending itself in court.
“The majority of our customers aren’t in the U.S. and overall XRP volume is largely traded outside of the U.S. There are clear rules of the road for using XRP in the UK, Japan, Switzerland and Singapore, for example. For eight years, we’ve built products that help hundreds of customers solve pain points around global payments – we will defend our company and look forward to settling this matter in court to finally get clarity for the U.S. crypto industry.”
A number of cryptocurrency exchanges including Coinbase and Bitstamp are suspending XRP trading in the US due to the lawsuit.
The price of the digital asset has plummeted in the wake of the SEC’s actions. At time of publishing, XRP is down 10.54% in the last 24 hours, at $0.22.
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