Ripple indictment by SEC: The official Ripple statement
Ripple price (XRP price) is a cryptocurrency. The XRP Coin has increased in price and the Ripple price has increased. The image shows a chart analysis with XRP Coin.
Since Ripple has been indicted by the US Securities and Exchange Commission (SEC), the XRP price has been falling continuously. At the time of writing, the price of 1 XRP is just US$0.22. This represents a 7-day loss of more than 50%. How Ripple is now reacting to the indictment and what official statement can be read since yesterday, we clarify in this article.
Ripple statement and the SEC indictment
Yesterday, Tuesday 29.12.2020, Ripple Labs published a statement on Bitcoin News Trader the current situation in the US. At the end of the article you will find the original report as a source.
In the following, we will now go into individual aspects of the statement. Let’s start with the first sentence, which can be quoted as follows:
The public and press have so far only heard the SEC’s story and we will publish our response to these unproven allegations against Ripple in a few weeks.
Obviously and understandably, Ripple Labs assesses the situation from their perspective fundamentally differently than the SEC does in their indictment. In the further course of the text, the Ripple statement broadens the perspective and speaks of an attack that is not only directed against the company itself, but much more against the entire American cryptospace. Furthermore, the company complains that they have already pointed out the danger of a dangerous lack of regulatory clarity several times. The current indictment will cause great damage to Ripple and XRP.
The indictment has already harmed countless innocent XRP holders with no connection to Ripple.
Ripple further argues that the regulatory uncertainty is not only bad for exchanges and traders. The current measures lead to further uncertainty, actively harming the ecosystem and community they claim to want to protect.
US sales market will continue to be maintained
Furthermore, Ripple Labs states that all products and services will continue to be maintained for US customers. At the same time, however, the San Francisco-based company also emphasises that the majority of XRP trading volume happens outside the US and that the majority of its customers are also not based in the US.
In parallel, there are clear requirements and legal certainty in many important countries such as Singapore, Great Britain, Japan but also Switzerland. Ripple shows that it is already fighting for regulatory clarity and taking full advantage of the legal process. This also includes full transparency and cooperation with the SEC, according to the statement.
To sum up, a final response and detailed explanation from Ripple Labs is still pending. Meanwhile, the company wants to continue its business in the US and serve all customers. The legal process is to be fully exhausted in this regard. At the moment, we are still far from a final statement on how the case will end for Ripple and especially XRP.