Bitrabo Editorial
The XRP community has rallied to back Ripple in its ongoing legal struggle against the U.S. Securities and Exchange Commission (SEC). They have initiated a petition aimed at addressing what they see as detrimental actions by the SEC, following the regulator’s latest attempt to appeal a prior court decision. This petition has quickly attracted thousands of signatures from supporters across the crypto community.
XRP Supporters Counter SEC’s Legal Actions
The XRP community, which includes millions of fans and investors in Ripple, is banding together to oppose the SEC’s recent legal efforts. On October 2, the SEC filed an appeal regarding a 2023 ruling by Judge Analisa Torres which confirmed that XRP is not classified as a security.
To contest this appeal, the XRP supporters launched a formal petition on October 3, expressing their discontent with the SEC’s ongoing enforcement against Ripple as well as the ongoing four-year legal battle. The goal of this Change.org petition is to halt the SEC’s legal actions.
The petition outlines the struggles faced by the XRP community since the commencement of the SEC’s lawsuit against Ripple in 2020. They shared their experience of nearly four years of fighting against the regulator, emphasizing their collective commitment to defending Ripple’s legitimacy.
Despite their persistent efforts to remove the SEC’s restrictions on Ripple, the SEC continues to pursue the classification of XRP as a security. The petition criticizes the agency’s recent actions as “frivolous,” stating that it complicates matters unnecessarily and increases uncertainty in the digital currency market.
Currently, the petition is close to hitting its target, with nearly 10,000 signatures collected. As of now, there have been over 1,400 new sign-ups, and more are anticipated to join by the end of the day.
Broader Consequences of the SEC’s Appeal
In their petition, the XRP community accused the SEC of failing to fulfill its basic responsibilities towards investors and market integrity. Instead of fostering a healthy growth environment, they argue that the SEC’s prolonged actions against Ripple have adversely affected XRP investors and the wider cryptocurrency sector.
Supporters of XRP contend that the SEC’s appeal lacks merit and poses a risk to both XRP’s future and the entire cryptocurrency landscape. They highlight that the legal actions taken against Ripple have repercussions far beyond just the company, threatening the stability of the digital asset industry as a whole.
In light of these concerns, the XRP community has urged all digital asset enthusiasts to sign the petition, aiming to safeguard the interests of those inspired by the prospects of a decentralized finance ecosystem.