Supporters of Ardent Ripple are asking the federal government to drop the US Securities and Exchange Commission lawsuit against Ripple.
Following the SEC move to bill Ripple for the sale of an unregistered security, an unidentified member of the Ripple community named J.W. petitioned the White House on December 29, calling for the SEC’s lawsuit to be terminated.
The petition calls for XRP to be categorized as a currency by the US government, alleging that the SEC’s actions against Ripple are unfounded as the Financial Crimes Enforcement Network (FinCEN) has already marked XRP as a virtual currency.
The petition writer claims that the SEC’s actions did not protect members of the community, but instead severely disadvantaged many crypto owners.
“With this move, the $ 40 billion market for the currency is failing quickly as companies struggle to ensure compliance. Billions of dollars of value are being wiped out of the market in quick succession, and most critically, hundreds of thousands of ordinary Americans – the very Americans the SEC is supposed to protect – suffer irreparable harm. “
At the time of writing, the petition has 24,587 signatures but requires a total of 75,413 before the White House is required to respond to the community’s documented complaints.
The SEC claims Ripple has made illegal securities offers since 2013. According to the SEC complaint, Ripple generated $ 1.3 billion from the sale of XRP to fund its operations, while Ripple executives Brad Garlinghouse and Chris Larsen allegedly received $ 600 million from the personal sale of Ripples domestic assets.
Meanwhile, a growing number of exchanges, including Bitstamp, Abra, BinanceUS, Bitcoin Suisse, and eToro, have stopped supporting XRP in the wake of the SEC’s lawsuit against Ripple.
Following the lawsuit and delistings, XRP lost about half of its value in the past month. The asset is now trading at $ 0.23 and has fallen to fifth place on CoinMarketCap’s list of coins by market capitalization.
The southern borough of New York has a court case between the SEC and Ripple scheduled to begin on February 22nd.
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