• Ripple’s CTO, David Schwartz, recently suggested they might have to shut down their operations in the US due to the ongoing legal battle with the SEC.
• The community has expressed concern about this potential move and its implications for both Ripple and XRP.
• John Deaton, an XRP advocate and crypto lawyer, has said that Ripple must do what’s best for itself and its shareholders, not necessarily what’s best for XRP holders or other businesses developing on the XRP Ledger.
Ripple’s Legal Battle With The SEC
In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple alleging that XRP, the cryptocurrency at the center of Ripple’s payment network, is an unregistered security. Since then, Ripple has denied these allegations and an ongoing legal battle has ensued.
David Schwartz’s Statement
Recently, Ripple’s CTO David Schwartz made a statement on Twitter suggesting that if the case does not go in favor of them then they may have to close down their operations in the United States. This statement caused concern within the crypto community as some speculated about its implications for both Ripple and XRP holders.
The Community Reacts
Yassin Mobarak from Dizer Capital asked whether retail XRP holders will be affected if Ripple were to make such a decision while John Deaton stated that what’s best for Ripple should be their priority rather than considering other stakeholders in this situation like XRP holders or businesses developing on top of XRP Ledger.
Implications For Ripple And XRP
If Ripple closes down its operations in US then it could have significant implications both on them as well as people who hold XPR tokens but no decision regarding this matter has been taken yet by them regarding this matter till now according to press time reports which showed mild gains of 2.3% for today but losses amounting 7.8% over last month chart showing decline in price value of xrp tokens from $039 usd .
Conclusion
The legal battle between SEC and ripple is still ongoing so only time will tell whether ripple really close down their operation in U S or not . John Deaton ,an xrp advocate ,has confidence that ripple will win against sec but we have to wait till final judgement comes out .
