XRP holders suffer $15billion in damages due to SEC’s action, Ripple reports
2 min readTL;DR Breakdown:
- XRP was designed to become a better cryptocurrency in terms of standard and security, according to Ripple.
- The SEC has presently caused more than $15 Billion in damages to XRP holders.
XRP holders may be in a lot of trouble according to recent reports. Ripple labs in response to the lawsuit complaint filed against it by the United States Security and Exchange Commission released a statement claiming that the SEC is selective in its implementation of its regulations. It also claimed that Bitcoin and Ether are receiving preferential treatments.
Ripple believes that XRP was designed to become a better cryptocurrency in terms of standard and security, during which the control of XRP is way more distributed.
SEC lawsuit a major blow to XRP holders
Ripple in their response cited that the lawsuit filed by the SEC has caused a major blow to the XRP holders. The lawsuit has also caused a devaluation of holdings substantially and just causes less participation in activities involving XRP.
The blockchain firm Ripple argued that by filing a case that alleges an unknown securities offering of about $1.3 Billion from years back, the SEC has presently caused more than $15 Billion in damages to XRP holders.
The 100 pages response of Ripple Lab went further to accuse the SEC of wrongly classifying several items on its record, including a claim that XRP sales by Ripple made up a major part of the XRP market. According to Ripple, this is false, citing that those sales made up less than 0.4 percent of the total XRP transaction by volume across majorly all periods.
In its conclusion, Ripple loudly and denied all charges laid against it in the SEC lawsuit, tagging all allegations as overwhelming.
Stuart Alderoty, Ripple’s General Counsel on Twitter said that Ripple is looking forward to learning more about the SEC meetings with XRP holders who seek guidance but were uninformed that XRP transactions would be under Federal security laws scrutiny.
