The SEC charge has reflected badly on the price of XRP. It is well known that XRP is the third largest cryptocurrency in the world, the SEC charge has pulled down the price by 40%.
The US Securities and Exchange Commission (SEC) sued the founder and the current CEO of Ripple for raising more than $1.3 billion through an “unregistered securities offering” after selling their cryptocurrency XRP.
Commenting, Sydney Ifergan, the crypto expert tweeted: “ The SEC Charge on XRP Ripple is just the beginning, very soon many of sham claims will dawn on different cryptocurrencies claiming different reasons.”
Ripple points to how the US government, including the Justice Department and the Treasury Department’s FinCen, look at XRP as a currency. The trouble for war between regulators and the cryptocurrency space is beginning to take shape. This is not going to stop here, lot of foul play is going to follow.
The alternative currency ideal of working beyond boundaries is going to face its hard test. More regulators will try to exert their authority beyond the statutory limitations.
Brad Garlinghouse pointed to how “although the SEC’s decision brings an even greater sense of urgency to our decision whether to move our HQ outside the US, we also look forward to working with the new Biden administration to see if we can find a rational path forward here.”
Ripple (XRP) Innovation Progressing
Despite the charges, Ripple are positive about their projects and they are continuing to do what they do. Brad pointed to how Ripple has been spending 8 years working tirelessly to build an incredible company which is transforming global payments. They further stated that their mission does not stop. He also sent a detailed update to the community published in Ripple Insights titled, “The SEC’s Attack on Crypto in the United States.”
Apart from the initial ripples and confusions created by the SEC charge, it is not going to be easy for them to put a permanent end to Ripple XRP or any other cryptocurrency for that reason. What is happening now is a battle to prove the durability and resilience of cryptocurrency institutions.
Ripple has done a great job in helping blockchain to scale. Increasing numbers of users are interested to have digital assets to facilitate payments. This is particularly so, when they are paired with blockchain technology. This is very much evident from the fact that innovators in the industry were able to realize significant growth despite Covid 19. Regulators tapping down to crypto is sign that there is lot of potential in the system.