The general public and press have solely heard the story from the SEC’s facet, and we’ll be submitting our response in a couple of weeks to handle these unproven allegations towards Ripple.
The SEC’s determination to file this motion is not only about Ripple, it’s an assault on your entire crypto business right here in america. We’ve all the time mentioned 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 individuals are reacting conservatively in consequence.
Within the meantime, Ripple will proceed to function and assist all merchandise and clients within the U.S. and globally. The vast majority of our clients aren’t within the U.S. and total XRP quantity is essentially traded outdoors of the U.S. There are clear guidelines of the street 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 shoppers clear up ache factors round international funds — we’ll defend our firm and stay up for settling this matter in court docket to lastly get readability for the U.S. crypto business.
On a parallel be aware, we additionally stay up for 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 Normal Counsel have now departed (many left simply final week). Our steadfast dedication to constructive regulatory engagement has not modified.