With XRP is declining in value Following a wave of delisting and trading suspensions, Ripple Labs released a statement on Tuesday pledging to respond to the U.S. Securities and Exchange Commission allegations against the company.

The explanation opens with the following message:

“The public and press have only heard the story from the SEC, and we will be filing our response in a few weeks to address these unproven allegations against Ripple.”

The statement alleges that the SEC is using Ripple to take down the entire cryptocurrency industry in the United States, and that the company has spent years seeking in vain for clarity on digital asset regulations.

Some observers believe Coinbase’s decision to suspend XRP in January could be the death knell for the digital asset as Ripple files a multi-year lawsuit with the SEC. Coinbase announced its plans on Monday to suspend XRP trading – a move not surprising given the exchange IPO ambitions.

XRP has been in free fall since the SEC has filed a lawsuit against Ripple for alleged violation of securities laws. This prompted several exchanges to scrap XRP to avoid regulatory repercussions. Ripple says the lawsuit has already “affected countless innocent XRP retailers who are disconnected from Ripple.”

In the meantime, Ripple will continue to use and support all of its products outside of the US.

“The majority of our customers are not in the US and the total XRP volume is mostly traded outside the US. There are clear rules for using XRP in the UK, Japan, Switzerland and Singapore, for example.”

As Cointelegraph previously reported, Ripple CEO Brad Garlinghouse Believes His Company Will Still Succeed Regardless of How the SEC Chooses to Classify XRP. That’s because more than 90% of RippleNet users are outside the country.

Few within the crypto industry have defended Ripple against the SEC’s allegations. Coin Center, a DC-based think tank and champion of cryptocurrency adoption, it says is not willing to claim that XRP is not security.

Ripple PR representatives did not immediately respond to a request for comment.