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Home / Business / Ripple sued the U.S. Securities and Exchange Commission (SEC), claiming that the $1.3 billion lawsuit was “an attack on the entire U.S. crypto industry”

Ripple sued the U.S. Securities and Exchange Commission (SEC), claiming that the $1.3 billion lawsuit was “an attack on the entire U.S. crypto industry”



Ripple has fought back against the US Securities and Exchange Commission (SEC), accusing it of creating more uncertainty and failing to fulfill its responsibility to protect the cryptocurrency community. When canceling the SEC’s decision to designate its XRP token as a security, the company claimed that the lawsuit filed by the regulator against it is equivalent to an attack on the entire U.S. crypto market.

Affected XRP token holders

The latest comments from the Ripple team came after Coinbase cancelled the XRP token report. In a brief statement issued on December 29, the company promised to respond again within a few weeks to resolve these unconfirmed allegations against Ripple. First, the company claims that the public and the media currently only understand the SEC’s narrative.

Ripple sued the U.S. Securities and Exchange Commission (SEC), claiming that the $1.3 billion lawsuit was

The Ripple team subsequently criticized the SEC’s $1.3 billion lawsuit against the company on the grounds that the lawsuit has affected “innocent XRP retail holders.” Since the announcement of the lawsuit, the XRP token has now lost more than 50% of its value, and this trend will continue as more and more exchanges delist it. Ripple statement description:

We have always said that in the United States, the lack of regulatory clarity on encryption is dangerous because their lawsuit has affected countless innocent XRP retail holders and has nothing to do with Ripple. It also unnecessarily muddies the water of exchanges, market makers and traders.

Ripple customers outside the U.S.

At the same time, the Ripple team, whose executives had previously threatened to withdraw from the United States, also reiterated the assertion that the token is mainly traded outside the country.

“Most of our customers are not in the US, and most of the overall XRP transaction volume is traded outside the US. For example, the path to using XRP in the UK, Japan, Switzerland and Singapore is clear,” Ripple stated.

At the same time, the Ripple team stated that although the statement stated that the company will also pin its hopes on the incoming SEC leader, it is prepared to defend itself in court. The term of the SEC board of directors led by Jay Clayton has just ended, and the committee decided to file a lawsuit against Ripple. After Clayton left office, lawyer Elad Roisman (Elad Roisman) was appointed as acting chairman.

The new SEC board is unlikely to change course

However, other lawyers, Jake Chervinsky (Jake Chervinsky) and others said that despite the board change, the probability of Ripple winning is still very high. Chervinsky said in a Twitter post:

The change in SEC leadership is extremely unlikely to have any impact on the Ripple case. Considering Mr. Pierce’s silence, I guess that voted for filing. In any case, the case will be prosecuted by the executive lawyer who remains here.

Interestingly, although the SEC has ruled that Bitcoin and Ethereum are not securities, this has not prevented Bitcoin opponents like Peter Schiff from accepting this idea. In a recent upsurge against Bitcoin, Schiff asked what would happen if the US Securities and Exchange Commission also designated Bitcoin as a security, which affected the Ripple/XRP collapse.

Do you think the recent changes in the SEC will have an impact on the outcome of this case? Share your thoughts in the comments section below.

Picture Credits: Shutterstock, Pixabay, Wiki Commons

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