Ripple says SEC lawsuit unnecessarily muddies the waters for XRP exchanges, market makers and crypto traders
Ripple claims that the United States Securities and Exchange Commission (SEC) “wreaked havoc” on the crypto markets after it alleged that the company illegally sold XRP as an unregistered security.
In its Q4 2020 Market Report, Ripple cites the suspension of XRP trading on many U.S. platforms as a key part of the crypto fallout triggered by the regulatory agency.
“The SEC filing needlessly muddied the waters for stock exchanges, market makers and traders. It is disappointing and disruptive that some market players, especially in the United States, have reacted the way they have.
Ripple has identified 33 market players who have announced some sort of restrictive action against XRP. However, most spoke of a business disruption, not a delisting from their infrastructure, including Coinbase, which only suspended its trading services. “
Ripple says the SEC lawsuit is responsible for the “destruction of XRP value,” with 12% of the total XRP volume affected.
“Ripple has always said there is a dangerous lack of regulatory clarity in the United States. Market players do not have clear rules of conduct, which hinders innovation and the development of crypto.
After filing with the SEC, crypto markets saw aftershocks and a negative impact on volumes. Ripple estimated that around $ 200 million in XRP volumes per day were affected in the last quarter …
As US regulatory measures wreaked havoc and prompted US market players to pull out of a massive global virtual currency market, nearly 90% of XRP volumes remained intact and many market players continued their actions. XRP related activities outside the United States. the United States is out of step with its international counterparts.
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