SEC case is coming to Ripple!
Ripple (XRP), the third largest cryptocurrency by total market cap, has dropped 16% as of the time of this writing and continues to decline. Behind this drop in the XRP price are both Bitcoin's general correction and the Ripple CEO's lawsuit statement.
Lawsuit against XRP and Ripple
According to the information provided by Fortune, Ripple CEO Brad Garlinghouse and other co-founder Chris Larsen will be sued directly by the US securities regulator SEC. Ripple CEO Garlinghouse said in a statement on the matter that SEC Chairman Jay Clayton was "shamefully prepared to sue them."
Garlinghouse emphasizes that the SEC will sue Ripple prior to the presidents' transition and will leave all paperwork to the new president. Making a statement on the subject on Twitter, Ripple's CEO stated that this will be the last move of Jay Clayton, who is still SEC Chairman.
SEC Wages War on Innovation
The famous CEO stated that the US is trying to "choose winning projects and restrict innovation", adding that this is exactly the purpose of the SEC. Emphasizing that Ripple will continue to use XRP, Garlinghouse stated that it is the best digital asset for payments, thanks to its speed, transaction fee and scalability.
It is known that the SEC has always won against the crypto money projects that it has sued before and came out as the winning party in the lawsuits. So what exactly does the SEC's lawsuit against Ripple mean?
