“We will not go into lawsuits tweeting about SEC’s unsubstantiated allegations, and we will answer five important questions you can openly speak after the proceedings have begun.”
First, why couldn’t Ripple agree with the SEC?
Although we cannot provide details, we are continuing to work with the new administration (Biden administration) to ensure that the Ripple community continues to innovate, and will strive to protect consumers and maintain market order.
Second, did you pay listing fees to the exchange to list Ripple? When will Ripple be relisted?
Ripple is one of the most liquid digital assets in the world, with over 95% trading outside the United States. Because Ripple Coin is an open source decentralized asset, Ripple Labs cannot control listing or ownership of the exchange.
Delisting or discontinuing trading is another problem, and most (exchanges) are stopping trading. As eight U.S. government agencies have different views on cryptocurrencies, U.S. market participants face conflicting policies, and some are approaching conservatively.
Third, when do you plan to respond to the SEC? Why are you silent?
Legal proceedings can take a long time. The situation seems to be quiet, but there is a lot going on behind the scenes. We’ll provide an initial response within a few weeks.
Fourth, do investors believe in Ripple?
Yes. We (Reflaps) have real shareholders. That’s not buying Ripple Coin, but buying and holding a stake in Ripple Labs. We were disappointed that Tetragon, which owns 1.5% of Ripple’s stake, is trying to gain undue profits from the SEC’s claims. Tetragon filed a lawsuit a few days ago asking Ripple to repay preferred shares.
Fifth, have you ever given money to customers to use Ripple Coin?
Ripple Labs once offered incentives to some customers, especially to remittance companies that used Ripple-based remittance platform (ODL) for the first time. This is legal. All payment networks, including PayPal, Visa, and Mastercard, offer these incentives.
Reflaps made these products for the first time in its industry. Consolidating the new infrastructure comes at a cost. Ripple-based ODL solved real problems related to payments, such as cost and speed, which proved to be billions of dollars in remittances.
We will never be silent and will not give up this fight (the lawsuit against the SEC). We are on the honest and right side, and we look forward to talking to the newly appointed SEC officer in court.