The California fintech company Ripple described the SEC’s lawsuit as an attack on the entire cryptocurrency industry in the United States and urged the community to view the situation from a different angle.
Our statement regarding recent market participant activity in response to the SEC’s lawsuit. https://t.co/IpQYeCuV5A
— Ripple (@Ripple) December 29, 2020
According to Ripple, industry participants were shown ‘only the SEC’s position’, based on ‘unproven allegations’. The lawsuit has already affected many XRP holders.
They [the SEC] are unnecessarily muddying the waters for exchanges, market makers and traders. The SEC has introduced new uncertainty into the market, harming the community it is supposed to protect
Representatives of Ripple said they would continue to service products and clients in the United States and around the world, and to defend their position in court. They pledged to respond to the allegations in due course.
We intend to work with commissioners and the new leadership of the SEC after its appointment,
Ripple published the statement after a number of major cryptocurrency platforms decided to stop supporting XRP. Earlier, Galaxy Digital, Bitstamp, B2C2, Crypto com. 29 December trading of the token was halted on Coinbase and OKCoin.
Bitwise Asset Management removed the coin from its flagship index fund Bitwise 10 Crypto Index Fund.
On January 15, the American cryptocurrency exchange Bittrex will delist the BTC-XRP, ETH-XRP, USDT-XRP, USD-XRP.
#Bittrex Customers:
The $XRP markets will be removed on Friday, January 15th at 4:00PM PST.
Details: https://t.co/1mefjC1ziw
— Bittrex (@BittrexExchange) December 29, 2020
Until further notice, customers will have access to their XRP wallets on Bittrex after the markets are removed, the statement said.
According to The Block, the British payment processing service Wirex will not add XRP to the US version of its app. The crypto-friendly bank Ziglu will suspend trading of the token from January 12.
Japanese financial giant SBI Holdings took the opposite position. They said that, under local law, XRP does not fall under the definition of a ‘security’.
According to CoinGecko, in the last seven days the token price has fallen by 55.1%. At the time of writing the asset was trading at around $0.20.
On Tuesday, December 29, the token dipped below $0.175. Litecoin briefly overtook XRP in market capitalization.
Earlier on December 23, the SEC filed suit against Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen. The agency contends that the company sold unregistered securities in the form of tokens.
Subscribe to ForkLog news on Facebook!