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Ripple Indictment by SEC: The Official Ripple Statement

Ripple Indictment by SEC: The Official Ripple Statement

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Since Ripple was indicted by the American Securities and Exchange Commission (SEC), the XRP price has been falling continuously. At the time of this writing, 1 XRP is priced at just $ 0.22. This corresponds to a 7-day loss of more than 50%. In this article we clarify how Ripple is reacting to the indictment and which official statement can be read since yesterday.

Ripple Statement and the SEC indictment

Yesterday, Tuesday, December 29th, 2020, Ripple Labs published a statement on the current situation in the USA. At the end of the article you will find the original report as a source.

In the following we will now deal with individual aspects of the statement. Let's start with the first sentence, which can be quoted as follows:

The public and press have only heard the story of the SEC so far, and we will release our response to these unproven allegations against Ripple in a few weeks.

Obviously and understandably Ripple Labs assess the situation from their perspective fundamentally different than the SEC does in its 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. The company also complains that they have repeatedly pointed out the risk of a lack of regulatory clarity (dangerous lack of regulatory clarity). The current indictment leads to great damage for Ripple and XRP.

The indictment has already harmed countless innocent XRP owners without any connection to Ripple.

Ripple goes on to say that the regulatory uncertainty isn't just bad for exchanges and traders. The current measures lead to further uncertainty and thus actively damage the ecosystem and the community, which they say they wanted to protect.

The US market will continue to be maintained

Ripple Labs also 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 emphasizes that the majority of XRP trading volume happens outside of the United States and that the majority of customers are also not based in the United States.

At the same time, 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 time to fight for regulatory clarity and fully exhaust the legal process. This also includes full transparency and cooperation with the SEC, according to the statement.

Let's summarize that a final answer 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 should be exhausted in full. At the current time, we are still far from a final statement on how the cause for Ripple and especially XRP will end.

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