The XRP army has been known to be one of the strongest and determined in the cryptocurrency world. It is with this determination that an XRP community member has filed a petition with the White House to stop the SEC’s lawsuit against Ripple.
The petition was highlighted by veteran Bitcoin and crypto expert, MagicPoopCannon, via the following tweet. Magic goes on to request the XRP army to sign the online petition that needs 100k signatures:
“Please sign and SHARE this petition to the White House, regarding #XRP!”
According to the petition that is available online, XRP had already been deemed a currency by the Financial Crimes Enforcement Network (FinCEN). The petition explains this as follows:
“The Securities and Exchange Commission is tasked to protect investors in US Securities. It however, has filed frivolous action claiming the cryptocurrency, XRP, which has already been deemed a currency by FinCEN, to be a security.”
XRP Holders Suffered Irreparable Harm and Damages
Ripple’s price volatility has rivaled the most capricious of cryptocurrencies. Since reaching an all-time-high (ATH) of $3.84 back in January of 2018, the coin has spent much of the past two years drifting closer and closer to pennies. In the past month, on the back of major rallies from other cryptocurrencies, XRP has faced its biggest rally in years, but those gains were all erased by the Ripple CEO Brad Garlinghouse’s admission that the SEC was planning to file a sweeping lawsuit against the platform during the current administration’s final days.
The SEC’s fundamental argument is that XRP has been a security and that it should have been registered with the commission from the beginning more than seven years ago. The SEC says that the defendants in the case — namely the company Ripple, CEO Bran Garlinghouse and executive chairman Chris Larsen — generated more than $1.38 billion from sales of the Ripple token.
The petition to the White House explains that XRP holders suffered irreparable financial damages because of the market reaction as a result of the news of the SEC suing Ripple. It goes to explain that such damage is in contrast to the ethos of the SEC that is going to protect retail investors from financial harm.
“Due to this action, the 40 billion dollar market for the currency is rapidly failing as companies scramble to maintain compliance. Billions of dollars of value is being wiped from the market in rapid succession and most critically, hundreds of thousands of ordinary Americans – the very Americans that the SEC is tasked to protect – are suffering irreparable harm and damages.
The SEC complaint is damaging to the holders of the currency XRP, and must cease immediately.”