The general public and press have solely heard the story from the SEC’s facet, and we’ll be submitting our response in a number of weeks to deal with these unproven allegations towards Ripple.
The SEC’s determination to file this motion is not only about Ripple, it’s an assault on the complete crypto trade right here in america. We’ve at all times stated that there’s a harmful lack of regulatory readability for crypto within the U.S. — their lawsuit has already affected numerous harmless XRP retail holders with no connection to Ripple. It has additionally needlessly muddied the waters for exchanges, market makers and merchants. The SEC has launched extra uncertainty into the market, actively harming the neighborhood they’re supposed to guard. It’s no shock that some market members are reacting conservatively consequently.
Within the meantime, Ripple will proceed to function and assist all merchandise and prospects within the U.S. and globally. Nearly all of our prospects aren’t within the U.S. and general XRP quantity is basically traded exterior of the U.S. There are clear guidelines of the highway for utilizing XRP within the UK, Japan, Switzerland and Singapore, for instance. For eight years, we’ve constructed merchandise that assist a whole lot of shoppers remedy ache factors round world funds — we’ll defend our firm and stay up for settling this matter in court docket to lastly get readability for the U.S. crypto trade.
On a parallel observe, we additionally stay up for working with all the Commissioners and the SEC’s new management, as soon as appointed. In all, the SEC Chair, six of his Administrators from every SEC Division, the SEC’s Chief Economist and the SEC’s Common Counsel have now departed (many left simply final week). Our steadfast dedication to constructive regulatory engagement has not modified.
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