This article comes fromThe Block,Twitter

Odaily Translator |

Odaily Translator |

The U.S. Securities and Exchange Commission (SEC) plans to sue Ripple.Fortune reported that

, "The lawsuit will also name Ripple CEO Brad Garlinghouse and co-founder Chris Larsen as defendants."

Ripple CEO Brad Garlinghouse told Fortune that SEC Chairman Jay Clayton "has shamefully decided to sue Ripple and pass the legal work to the next chairman.", "Today the SEC voted to attack cryptocurrencies, and SEC Chairman Jay Clayton sought to limit US innovation in the crypto industry to Bitcoin and Ethereum before leaving office. Ripple has and will continue to use XRP because of its advantages in payment speed, cost, The best digital asset in terms of scalability and energy efficiency. It is traded on more than 200 exchanges around the world and will continue to thrive. The US SEC is out of step with other G20 countries and other parts of the US government and cannot accept innovation (especially When their decision is directly in China's favor). There is no doubt that we are ready to fight and win - and the fight has only just begun."

According to the Wall Street JournalAccording to the Wall Street Journal

, the SEC accused the company of violating investor protection laws when it sold XRP. The lawsuit revolves around whether XRP, the company's digital asset launched in 2012, is a security that needs to be registered with the SEC, which involves disclosing the company's business model, risks and financial position to the SEC and the public. Ripple said it will defend itself against the lawsuit brought by the SEC.In an interview with The Block this November

, Garlinghouse expressed his dissatisfaction with the U.S. regulatory environment. He believes that in the current regulatory environment, digital assets do not have a "level playing field."

Back in October, Ripple co-founder and executive chairman Chris Larsen warned that the company may leave the United States for more favorable jurisdictions.Ripple General Counsel Stuart Alderoty later postedWells Submission

, a response to official warnings of impending mandatory action. In the filing, the company sought to refute the SEC's anticipated allegations.

secondary title

What do people in the industry think?

What do people in the industry think?In response to the news that the SEC plans to sue Ripple,Galaxy Digital founder Mike Novogratz tweeted,

While I don't want to comment yet on what this means for XRP or other tokens issued in 2017, BTC and ETH seem to get the SEC's pass.In response to Garlinghouse's assertion that the SEC cannot accept innovation,Blockstream chief strategy officer Samson Mow said

, there is nothing "crypto" or innovative about Ripple and XRP.V God, the founder of Ethereum, also mocked,

It appears that the Ripple/XRP team is regressing to new levels of unfamiliarity. They claim that their shitcoins should not be called securities for public policy reasons, namely because Bitcoin and Ethereum are “controlled by the Chinese.”Yoshitaka Kitao, president of SBI Holdings, said,“The Financial Services Agency of Japan has made it clear that XRP is not a security. I am optimistic that Ripple will prevail in the final ruling in the US. SBI Holdings remains a firm partner of Ripple and looks forward to co-expanding in Asia.”