A petition has been launched calling on SEC Chairman-designate Gary Gensler End the lawsuit against Ripple Labs and its executives over XRP tokens. The petition also calls for “a thorough investigation into the matters that led to the last-minute lawsuit against Ripple, filed last day in office by former SEC chairman Jay Clayton.”
Petition to end SEC lawsuit against Ripple
An XRP attorney, Thomas Hodge, has started a petition on Change.org urging SEC chairman-designate Gary Gensler to “end the war on XRP”. Gensler is President Joe Biden’s election to lead the SEC following the departure of former SEC chairman Jay Clayton.
“We ask Gary Gensler, once he is confirmed as chairman of the SEC, to carefully investigate the SEC’s allegations against Ripple Labs, its co-founders, and the damage that the SEC’s actions have already – and unnecessarily – done to the holders of the digital currency XRP ”, describes the petition.
The SEC filed a lawsuit against Ripple Labs, its CEO Brad Garlinghouse, and co-founder Christian Larsen in December last year alleging they had sold $ 1.3 billion in XRP tokens without breaking the securities laws To comply with federal government.
The petition also calls on Gensler to “make a public commitment to sit down with owners of XRP and other digital assets to understand what it really means to defend investors with the SEC.” It also asks Gensler:
End the Ripple lawsuit and prevent the SEC from filing cryptocurrency rules instead of properly writing those rules, with public participation and in partnership with the U.S. Congress.
In addition, the petition “calls on the SEC Inspector General to conduct a thorough investigation into the matters that led to the last-minute lawsuit against Ripple filed by former SEC chairman Jay Clayton on the last day of his tenure.” The petition alleges that Clayton and SEC director of corporate finance, William Hinman, are “closely linked to financial interests in the Bitcoin, ether and financial technology businesses in the People’s Republic of China.”
In conclusion, the petition asks: “Gary Gensler must end this practice of judicial policy making, sit down with the XRP owners themselves and hear their stories. We want clear rules for everyone, not just another SEC chairman picking winners and losers in a regulatory vacuum. And we are calling for an investigation into whether the SEC is protecting the interests of anyone other than retail investors when the Ripple lawsuit was filed in December 2020. “
Ripple was recently discovered by the SEC, and the court ordered the commission to keep internal records of discussions about whether XRP tokens are similar to Bitcoin and Ether, which are not currently classified as securities.
What do you think of this petition to end the SEC lawsuit against Ripple? Let us know in the comments below.
Photo credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or an invitation to submit an offer to buy or sell, or a recommendation or approval of products, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.