The SEC’s recent submission of a lawsuit against Ripple is an attack on the "entire crypto industry" in the US, the company said in an announcement.
Ripple emphasizes there has always been a "dangerous lack of regulatory clarity" for the market in the US. The fintech company points out the watchdog brought more uncertainty into the market it is supposed to protect.
"It is no surprise that some market participants are reacting conservatively as a result," Ripple notes.
Ripple says it will continue to operate and support all products and customers in the US and abroad despite the lawsuit. Previously, Ripple's CEO Brad Garlinghouse said that seeing XRP as a security is like comparing oil to Exxon's stock.
He also added the company will stand up for all the crypto market and will not let the SEC bully the entire industry. The SEC's decision to pursue Ripple has already resulted in XRP being delisted from several crypto exchanges, including Coinbase and Bitstamp.
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