Brad Garlinghouse, CEO of Ripple, has classified the charges against his company by the US Securities and Exchange Commission (SEC) as an attack on cryptocurrencies in general, and explained that the regulatory committee is wrong and that Ripple will succeed in this legal battle.

Ripple responds to the SEC:

In the previous days, we watched on the Arab Bitcoin website the SEC’s indictment of a set of charges against Ripple and its executives.

Brad Garlinghouse, CEO of Ripple, responded to the allegations and charges in the SEC publication and doubled down on his belief that the company was on the right side of the law, stating:

After reviewing US Securities and Exchange Commission documents, Ripple’s lawyers concluded that the regulator was completely wrong about the facts it presented, and we are confident that we will eventually prevail before an impartial fact-finder.

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Garlinghouse explained:

Ripple’s native digital currency, XRP, functions similarly to Bitcoin and Ethereum, which the SEC considers to be currencies.

In addition, other branches of the US government, such as the Department of Justice and the Treasury Department (FinCEN), previously referred to XRP as a currency.

Bearing in mind that XRP is traded on many global trading platforms, the lawyers emphasized that transactions made with XRP are outside the purview of federal securities laws.

Attack on all cryptocurrency:

Garlinghouse also reiterated his previously stated statement that the attack on XRP means an attack on all cryptocurrencies, noting that the crypto industry in the United States of America lacks a lot of regulation.

While the CEO and co-founder of Ripple have the option to settle separately, this duo has made it clear that they will fight hard over the allegations and make their case.

Garlinghouse reports that this is just the first of many future SEC attacks on the entire cryptocurrency industry, stating:

Let me be clear, Ripple, Chris, and I may be the ones named in the lawsuit, but this is an assault on crypto in general.

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In this case, XRP is a proxy for every other altcoin in this space.

The recent lawsuit against Ripple has a snowball effect, this is not good news for any market makers, trading platforms, etc.

This sets a terrible industry precedent for any company operating in the crypto sector.

It is worth noting that the cryptocurrency XRP was heavily affected by the lawsuit against Ripple, as the coin fell by 20% in the last 24 hours.

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