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Uphold Stands By XRP

Several cryptocurrency investors and traders have celebrated throughout the holidays. But the XRP Army tends to its wounds after the US Securities and Exchange Commission filed a lawsuit against Ripple, alleging that XRP is a security and that the company’s sales of assets were illegal.

Ever since the filing of the lawsuit, the price of XRP had dropped sharply – just when the crypto asset seemed poised to recover from its status as “worst-performing cryptocurrency” in the top 10 for a couple of years.

Although significant crypto exchanges have already moved to either delist or halt trading for the token, there is at least one bucking the trend. Uphold, an ‘anything to anything’ exchange that has about $8B in cumulative trading volume, will not take action to change its course on XRP until there is a definitive ruling against it.

Proving Innocence

The company announced that it would continue to support XRP until a final judgment declares the token as a security.

“We trust that other Exchanges will adopt a similar stance rather than rushing to judgment ahead of the Court’s decision,” Uphold mentioned, taking a shot at its competitors that have defensively taken action to avoid regulatory scrutiny.

Uphold criticized the SEC‘s action, implying that the consequences of its lawsuit can be very harmful to crypto investors:

“An important part of the SEC’s remit is the protection of consumers. It is hard to see how a judgment sending XRP to zero and inflicting billions of dollars of losses on retail investors would square with that remit.”

Uphold‘s CEO, JP Thieriot, had previously expressed a similar view on Twitter last week. Besides stating that this firm would not delist XRP, Thieriot also cautioned against the rush to judgment on XRP and the potential effects that classifying it as illegal security would have on the market as a whole.

JP Thierot, CEO of Uphold, had previously expressed the same view on Twitter last week. Aside from stating that this firm will not delist XRP, he also cautioned against the rush to judgment on XRP and the possible effects that classify it as illegal security will have on the market as a whole.

“What if punishing the actions of a couple of parties not only directly harms XRP holders (most of whom probably assumed tacit approval after seven years of inaction) but also threatens to harm participants in similar projects?” Thieriot asked in his tweet.

Aside from Uphold, there are a handful of other trading platforms that operate in the US, waiting to see what will happen to XRP for the time being. BTC markets have said it has no plans to drop XRP now, notwithstanding the SEC lawsuit. And Revolut isn’t halting trading yet either.

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