Ripple and two of its executives are facing a lawsuit by the U.S. SEC for selling unlicensed securities. Ripple challenges the SEC by responding to all the accusations and claims that the SEC is harming innocent people. The firm will be contesting these charges and claimed that the lawsuit is affecting the innocent XRP retail holders who do not have any connection with Ripple. Ripple Challenges SEC of Taking Wrong Legal Action While claiming about the harm the lawsuit is causing to the retail holders, Ripple challenges SEC of taking a fundamentally wrong legal action against them. The firm added: “For eight years, we’ve built products that help hundreds of customers solve pain points around global payments — we will defend our company and look forward to settling this matter in court to finally get clarity for the U.S. crypto industry.” Ripple has described this lawsuit against them as a major attack on the whole U.S. crypto industry as it is going to harm all of them. This is also indicating the lack of regulatory clarity for the crypto industry in the U.S. Looking Forward to New Leadership Ripple will continue to operate and support all of its customers from and outside the U.S. until the lawsuit comes to an end. The firm has also clarified that the majority of its customers are from outside the U.S. Because of this, the majority of XRP trading volume comes outside of the U.S. hence, there is not any harm to non-Americans. Ripple challenges the SEC for not providing better clarity regarding the legal status of XRP, which shows the lack of regulatory clarity. Ripple is also looking forward to working with the new SEC’s leadership as this one will be leaving its position now. The firm is extremely hopeful of the leadership that President-elect Joe Biden will bring to the SEC.
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