The price of XRP was up 39% after the announcement. Ripple claims that it is willing to collaborate with the new officers of the SEC.
Ripple published a statement on Tuesday establishing its position regarding the lawsuit against it from the United States Securities and Exchange Commission (SEC). He maintains that there is “a dangerous lack of regulatory clarity” at the moment and that the lawsuit does not concern just Ripple but is “an attack on the entire cryptocurrency industry in the United States.”
“We have always said that there is a dangerous lack of regulatory clarity for cryptocurrencies in the United States. The SEC’s lawsuit has already hit numerous retail investors who have no connection to Ripple. It has also unnecessarily stirred the waters for exchanges, market managers, and traders. The SEC has introduced uncertainty into the market, hurting the community it is supposed to protect”, stated Ripple.
The statement also says that Ripple will continue to operate and support all of its products and customers in the US and globally. Most of the clients are not in the United States and are not from the United States. There is a vast foreigner community says Ripple, and emphasizes that the volume in trades is bigger outside of the country.
Ripple adds that, unlike in the United States, in other countries such as the United Kingdom, Japan, Switzerland, or Singapore there are clear rules for the use of its XRP cryptocurrency.
The SEC sued Ripple on Tuesday, December 22, for the sales of USD 1,388 million of XRP, as well as the use of those funds for operating expenses. The SEC assures that XRP is a security, while Ripple keeps its statement, saying that it is a “virtual currency.”
Once the lawsuit ended, during the last week, announcements from several exchanges appeared stating that there was an ongoing exclusion of XRP from various platforms.
The major fear is that the commercialization of this cryptocurrency could be considered illegal by the regulator. Among the exchanges that made that decision are Coinbase, Bitwise, and Bitstamp, among others.
Following the release of Ripple’s statement, XRP saw a notorious price boom, going from $ 0.1767 to $ 0.2472, or 39.8% in CoinMarketCap figures. At the time of this writing, XRP is trading at $ 0.2213.
By Jenson Nuñez