• Ripple’s CTO, David Schwartz, suggested that Ripple is contemplating shutting down its operations in the US due to the ongoing legal battle with the SEC.
• This caused concern in the crypto community, as some speculated about the implications of such a move.
• Ripple has denied the SEC’s allegations and John Deaton, an XRP advocate and crypto lawyer, has said he has no doubt that Ripple will win against the SEC.
Ripple’s Legal Battle With The SEC
In December 2020, The Security Exchange Commission (SEC) filed a lawsuit against Ripple alleging that XRP, the cryptocurrency at the center of Ripple’s payment network, is unregistered security. However, Ripple has denied these allegations and is currently engaged in a legal battle with the SEC.
David Schwartz’s Statement
Recently, Ripple’s CTO David Schwartz made a statement suggesting that Ripple may have to shut down its operations in the US due to this ongoing legal battle. In his statement on Twitter thread he said that “we can’t succeed if the industry doesn’t succeed“ and expressed concern about having to „walk through a door and slam it shut behind us.“ He also hoped that Congress could change laws so they wouldn’t have to make such a choice.
Reaction From The Crypto Community
This statement from David Schwartz caused concern among members of the crypto community who speculated about what would happen if Ripple did choose to shut down their operations in the US. Yassin Mobarak asked whether retail XRP holders or other businesses developing on XRP Ledger would be affected by this decision; however Schwartz responded hoping they wouldn’t have to make such a choice at all. Furthermore, John Deaton stated that while it must do what is best for both itself and its shareholders firstly – not necessarily what’s best for XRP holders or other businesses developing on XRP Ledger – he still was confident in their case against SEC being successful.
Implications For Both ripple And XRP
If Ripple were to close down its operations in America there would be significant implications for both companies and cryptocurrencies alike; however no decisions have been made yet regarding this matter as of press time yet . At press time ,XRP was trading at $0.39 ,with modest gains of 2 .3 % on daily basis but still 7 .8% lower than its monthly chart .John Deaton expressed confidence towards winning against SEC eventually .
Conclusion
Despite speculation among members of Crypto Community , no decisions have been made yet by ripple as of press time regarding possible shutdown in United States due to current legal battle with Securities Exchange Commission (SEC) which had filed lawsuit accusing xrp as unregistered security last year .John Deaton stands optimistic regarding their chances of winning against SEC eventually but only time will tell whether ripple will close down its operation completely or not within United States boundaries or across globe altogether !