Ripple Petition to the White House Gets Over 35,000 Signatures
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Answer Ripple Petition to the White House Gets Over 35,000 Signatures
More than 35,000 people have signed an online petition asking the US federal government to consider XRP as a cryptocurrency.
On December 22, 2020, the Securities and Exchange Commission (SEC) announced action against Ripple, two of the company’s executives, alleging that they had raised more than $1.3 billion by offering unregistered securities for digital assets.
This has caused mass delistings of the digital currency XRP from trading platforms and investment funds, which in turn caused the coin’s price to crash.
Now, thousands of frustrated XRP fans and supporters are gathering and signing this petition asking the government to reconsider the issue of XRP and consider XRP as a digital currency.
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If you are a supporter of Ripple and hope to convey your voice and participate in signing the petition, this can be done through the link.
The text of the petition calling for intervention reads as follows:
The Securities and Exchange Commission is tasked with protecting investors in US securities.
However, it has filed a frivolous lawsuit claiming that the digital currency XRP is a security and collateral, which has already been designated as a digital currency by FinCEN.
Since the lawsuit was filed by the SEC in December, the value of the cryptocurrency XRP has plunged to low levels.
After the coin was trading at $0.56 on December 21, 2020, XRP fell 67% to $0.18 by December 29.
Since then, XRP has risen a bit to $0.25 and then $0.29 today but hasn’t been able to recover to the numbers seen before the SEC announcement.
The author of the petition says the SEC has done harm to the investors the regulator aims to protect.
The petition stated:
As a result of this action, the $40 billion XRP cryptocurrency market will quickly fail as companies scramble to maintain legal compliance.
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Hundreds of thousands of ordinary Americans, the Americans the Securities and Exchange Commission is tasked with protecting, suffer irreparable harm and damage.
While the petition has already garnered 36,571 signatures, it is still far from the total to be collected of 100,000 signatures.
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