Ripple's XRP token has fallen more than 30% after the SEC filed a lawsuit against the cryptocurrency firm
- XRP lost as much as a third in value after the US regulator charged cryptocurrency firm
Rippleover how it has sold the digital token.
- The token fell to its lowest since November 20, effectively wiping out all of last month's 177% gain.
- Ripple's CEO called the
SEC's claim "illogical" in a blogpost on Tuesday.
XRP was last down 27% at $0.325, its lowest since November 20.
Ripple's CEO, Bradley Garlinghouse, who is named in the suit, said the SEC hadn't given the company "clarity" on whether its XPR offering is classified as a currency or security.
"To be clear, this is all based on their illogical claim that XRP is, in their view, somehow the functional equivalent of a share of stock," Garlinghouse wrote on Ripple's company blog.
As the crypto industry has exploded in the last decade, the SEC and other agencies have struggled to classify and regulate them.
In a separate action, the US Treasury's Financial Crimes Enforcement Network last week proposed new disclosure rules to better keep tabs on crypto wallets.
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