In a statement recently released, Ripple, the San Francisco-based payment firm, vowed to respond to the attack set in motion by U.S. SEC a couple of days ago. In the public statement, the firm urged the market participants to hear its side of the story as the case advances.
According to the statement, SEC is only using Ripple as a means to attack the whole cryptocurrency industry in the United States, adding that the payment firm has sought regulatory clarity on crypto-assets without success.
Ripple’s statement reads in part as follows:
“The public and press have only heard the story from the SEC’s side, and we’ll be filing our response in a few weeks to address these unproven allegations against Ripple.
“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.”
Most of Ripple’s Customers Are Not in the United States
This regulatory tussle has prompted several exchanges to delist XRP in order to avoid regulatory backlash. This alone is currently bringing down the XRP markets.
In the release, Ripple says the lawsuit “has already affected countless innocent XRP retail holders with no connection to Ripple.”
For now, the payment firm will continue to operate and support all its products outside the United States:
“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.”
Recall that the CEO of Ripple, Brad Garlinghouse, once said that the firm will still succeed even if SEC eventually classifies XRP as a security. His optimism is based on the percentage of the firm’s customers outside the U.S.
Ripple Vows to Respond to the Attack
In the public statement, Ripple says its products have been serving as global payment solutions for the past eight years:
“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.”
However, Ripple showcased its readiness to work with all of the SEC Commissioners and its new leadership, once appointed.