Editor's Note: This article comes fromCointelegraph Chinese (ID: CointelegraphChina)Editor's Note: This article comes from

Cointelegraph Chinese (ID: CointelegraphChina)

Cointelegraph Chinese (ID: CointelegraphChina)

, Author: MARTIN YOUNG, reprinted by Odaily with authorization.

As XRP plummeted in value after it was delisted and suspended from exchanges, Ripple Labs issued a statement on Tuesday responding to the U.S. Securities and Exchange Commission’s (SEC) charges against the company.

This statement contains the following information:

"The public and media have only heard this story from the SEC, and we will file a response within weeks to address these unsubstantiated allegations against Ripple.""The statement said the SEC is using Ripple to crack down on the entire cryptocurrency industry in the U.S. The company has sought regulatory transparency for digital assets for years without success."

Some observers believe that Coinbase’s decision to suspend XRP trading in January may have sounded the death bell for XRP as Ripple battled the SEC for years. Coinbase announced plans to suspend trading of XRP on Monday — an unsurprising move given the exchange’s IPO aspirations.

XRP has been in freefall since the SEC filed a lawsuit against Ripple alleging violations of securities laws. This prompted some exchanges to delist XRP to avoid regulatory scrutiny. Ripple said the lawsuit

It has already affected countless innocent XRP retail investors who have nothing to do with Ripple.

In the meantime, Ripple will continue to operate and support all of its products outside of the US, the statement explained:

“Most of our customers are not in the United States, and the overall XRP trading volume is mainly outside the United States. There are clear rules for using XRP in places such as the United Kingdom, Japan, Switzerland, and Singapore.”