The general public and press have solely heard the story from the SEC’s aspect, and we’ll be submitting our response in just a few weeks to deal with these unproven allegations in opposition to Ripple.
The SEC’s determination to file this motion isn’t just about Ripple, it’s an assault on your entire crypto trade right here in america. We’ve all the time 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 group they’re supposed to guard. It’s no shock that some market contributors are reacting conservatively in consequence.
Within the meantime, Ripple will proceed to function and help all merchandise and clients within the U.S. and globally. The vast majority of our clients 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 bunch of consumers remedy ache factors round world funds — we are going to defend our firm and look ahead to settling this matter in courtroom to lastly get readability for the U.S. crypto trade.
On a parallel be aware, we additionally look ahead to working with the entire 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 Basic Counsel have now departed (many left simply final week). Our steadfast dedication to constructive regulatory engagement has not modified.