A week after the Securities and Exchange Commission filed charges against Ripple, alleging the company sold $1.3 billion worth of unregistered securities, Ripple has released a statement pushing back against the charges.
According to the firm, the SEC’s lawsuit has already harmed “countless innocent XRP retail holders with no connection to Ripple," adding that the charges “needlessly muddied” the regulatory environment for the whole crypto industry.
Ripple said it would continue to support “all products and customers” both domestically and abroad. "The majority of our customers aren’t in the U.S. and overall XRP volume is largely traded outside of the U.S.," it said, adding: "There are clear rules of the road for using XRP in the UK, Japan, Switzerland and Singapore, for example."
“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 said in the statement.
Gemini Galactic, an affiliate of cryptocurrency exchange Gemini, received approval from the Financial Industry Regulatory Authority (FINRA) to operate a broker-dealer registered with the SEC and is now a FINRA member.