In the ongoing SEC-Ripple lawsuit, XRP supporters have decided to file a petition with the White House to declare the asset a virtual currency. The petition was advanced by someone utilizing the initials J.W. on December 29, 2020. A total of 100,000 signatures are imperative to be reviewed by the White House. The supporters should submit the signatures by January 28, 2021. Presently, 24,330 XRP advocates have participated in the cause and signed. The petition still requires 75,670 signatures before White House executives will revisit it.
The ultimate request to the White House is to “stop immediately” the SEC complaint as it harms the XRP currency holders. Moreover, the prevailing tone of the petition sounds much like the one from the authorized position of Ripple. The company said that the unproven allegations against Ripple have already broken numerous innocent retail holders without any association to the company. As per the petition, some cryptocurrency industry individuals acknowledge that the Securities and Exchange’s suit seeking Ripple for XRP sales is uncalled.
First Court date announced for the Ripple Lawsuit
The petition surfaces a few days after the announcement of the first court date for the Ripple lawsuit, i.e., on February 22, 2021. The pre-trial will occur via video call between the SEC and Ripple. The U.S. District Judge Analisa Torres has insisted that both parties offer arguments for the case. It includes potential motions and the possibility of a settlement.
The SEC slapped Ripple with a lawsuit for trading XRP as unregistered securities right before December. Per the suit, the Commission alleges that Ripple gained $1.3 billion from selling XRP tokens. Also, both the company’s CEO and co-founder appropriated around $600 million each. Ripple is committed to combating this and is convinced that it will triumph.
The lawsuit against Ripple serves to defame XRP. Nevertheless, should Ripple succeed, this may benefit the cryptocurrency industry as a whole. Digital currencies will not be as quickly classified as securities if Ripple fails to fight the lawsuit. Further, investors who benefitted from XRP’s massive drop on the market. They purchased the token at a lower price, thus will be capable of reaping the profit. Moreover, this will become a reality if they hold onto the asset on a long-term basis and wait for XRP’s price to surge.
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