SEC prepares to sue Ripple

According to Ripple, the US watchdog is filing a lawsuit against it over alleged illegalXRP sales.

Ripple has said that the Securities and Exchange Commission (SEC) intends to file a lawsuit against it for selling XRP as unregistered securities.

The SEC believes that no matter how widespread XRP is, its creator still owns a significant portion of the currency and qualifies the asset as the company's securities.

Ripple CEO Brad Garlinghousecriticized the SEC's decision to file a lawsuit ahead of the holidays and the departure of Jay Clayton as chairman. However, he noted that this will be the loudest lawsuit of its kind against the entire cryptoindustry.

Garlinghouse later tweeted: 

“We know that cryptography technologies andblockchain is here to stay. Ripple has and will continue to use XRP because it is the best digital asset for payments – speed, cost, scalability and energy efficiency. It is traded on more than 200 exchanges worldwide and will continue to grow."

XRP ranks third on the listCoinmarketcap with a market cap of $ 23 billion. Recently, XRP price has dropped 17%. This became one of the most serious falls in the top 100 largest cryptocurrencies.

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