XRP investors petition the White House

XRP investors petition the White House against SEC indictment

A new petition seeks to stop the US Securities and Exchange Commission’s indictment of Ripple.

As the XRP price has plummeted and issuer Ripple prepares for its upcoming court case, some investors have Crypto Engine banded together to petition the White House against the US Securities and Exchange Commission’s (SEC) indictment.

The corresponding petition on the White House website „We the People“ calls on the federal government to „classify the virtual currency XRP as currency“. A request for which more than 10,000 signatures have already been collected.

The website, which was launched by the Obama administration in 2011, allows American citizens to start petitions

If a petition collects at least 100,000 signatures within 30 days, the White House automatically has to deal with it. Although the platform is mainly used for serious political petitions, there have also been a few jokes. For example, one of the largest petitions to date called for the construction of a Death Star.

In the XRP petition, the US Securities and Exchange Commission (SEC) is now being called on to „drop“ its „unjustified“ charges against the cryptocurrency. In doing so, the petitioner, i.e. the creator of the petition, refers to a previous classification by the supervisory authority FinCEN, which classified XRP as a currency. He also cites the rapid loss in value of the cryptocurrency, which has already been described within the industry as the „third largest crash in history“. As a result, „hundreds of thousands of Americans“ have suffered irreparable damage and losses.

XRP’s market cap has fallen by 93% from $137B to under $10B. That makes the value of the XRP collapse bigger than Enron and Worldcom.

While not a bankruptcy, XRP is effectively the third largest collapse of all time behind Lehman Brothers and Washington Mutual.
– Joshua Frank (@Joshua_Frank_) December 30, 2020

So while XRP investors are looking to make an impact this way, XRP issuer Ripple is preparing for a preliminary hearing in its legal battle with the SEC. Time is already running out for the crypto payments provider, however, as more and more crypto exchanges delist XRP. Ripple has accordingly asked in a press release that investors first wait for its own arguments before jumping to conclusions.

In doing so, the XRP issuer should put its foot down, as even some investors are already doubting the efficacy of the new petition:

„I feel like we could collect a million signatures and it wouldn’t do anything. Nevertheless, I have signed.“