As XRP’s value plunged following a wave of stock market write-offs and trading suspensions, Ripple Labs released a statement on Tuesday committing to respond to allegations by the United States Securities and Exchange Commission. United against society.

The declaration opens with the following message:

YOU MAY ALSO LIKE

“The public and the press have only heard the story from the SEC side, and we will be filing our response in a few weeks to address these unproven allegations against Ripple.”

The statement claims that the SEC is using Ripple to bring down the entire cryptocurrency industry in the United States and that for years the company has sought unsuccessful regulatory clarification on digital assets.

Some observers believe Coinbase’s decision to suspend XRP in January could spell the end of the digital asset as Ripple embarks on a multi-year litigation with the SEC. Coinbase on Monday announced its intention to halt XRP trading – a move that was hardly surprising given the stock market’s IPO aspirations.

XRP has been in free fall since the SEC filed a lawsuit against Ripple for allegedly violating securities laws. This prompted several exchanges to remove XRP from the list to avoid a regulatory backlash. Ripple claims that the lawsuit “has already affected countless owners of innocent XRP retailers unrelated to Ripple.”

In the meantime, Ripple will continue to operate and support all of its products outside of the United States.

“The majority of our clients are not in the United States and the overall volume of XRP is largely traded outside of the United States. There are clear rules of conduct for using XRP in the UK, Japan, Switzerland and Singapore, for example. ”

As Cointelegraph previously reported, Ripple CEO Brad Garlinghouse believes his company will always succeed, regardless of how the SEC chooses to classify XRP. This is because over 90% of RippleNet users are outside the country.

Few in the crypto industry have defended Ripple against the SEC’s claims. Coin Center, a DC-based think tank and champion of cryptocurrency adoption, says it’s not ready to assert that XRP isn’t security.

Ripple PR representatives did not immediately respond to a request for comment.