With XRP plunging in worth following a wave of trade delistings and buying and selling suspensions, Ripple Labs issued an announcement Tuesday vowing to answer the USA Securities and Alternate Fee’s allegations in opposition to the corporate. 

The assertion opens with the next message:

“The general public and press have solely heard the story from the SEC’s aspect, and we’ll be submitting our response in a number of weeks to deal with these unproven allegations in opposition to Ripple.”

The assertion claims that the SEC is utilizing Ripple to carry down the whole cryptocurrency business in the USA and that, for years, the corporate has sought regulatory readability on digital belongings to no avail.

Some observers consider Coinbase’s resolution to droop XRP in January could possibly be the demise knell for the digital asset as Ripple embarks on multi-year litigation with the SEC. Coinbase introduced its plans to droop XRP buying and selling on Monday – a transfer that was hardly stunning given the trade’s IPO aspirations.

XRP has been in freefall ever because the SEC filed a lawsuit in opposition to Ripple for allegedly violating securities legal guidelines. This prompted a number of exchanges to delist XRP to keep away from regulatory backlash. Ripple says the lawsuit “has already affected numerous harmless XRP retail holders with no connection to Ripple.”

Within the meantime, Ripple will proceed to function and help all its merchandise exterior the U.S. The assertion defined: 

“The vast majority of our prospects aren’t within the U.S. and total XRP quantity is essentially traded exterior of the U.S. There are clear guidelines of the street for utilizing XRP within the UK, Japan, Switzerland and Singapore, for instance.”

As Cointelegraph beforehand reported, Ripple CEO Brad Garlinghouse believes his firm will nonetheless succeed no matter how the SEC chooses to categorise XRP. That is as a result of greater than 90% of RippleNet customers are exterior the nation. 

Few inside the crypto business have defended Ripple in opposition to the SEC’s allegations. Coin Middle, a D.C.-based suppose tank and champion for cryptocurrency adoption, says it isn’t ready to argue that XRP isn’t a safety.

Ripple PR representatives didn’t instantly reply to a request for remark.