The XRP army has actively joined the battle in the legal case between Ripple and the United States Securities and Exchange Commission (SEC), showing support for the crypto payments company with a new petition. The petition which highlights the SEC’s harmful enforcement actions with its new appeal has already garnered thousands of signatures from various community members.
XRP Army Launches Petition Against The SEC
The XRP army, consisting of millions of Ripple supporters, XRP investors and normal enthusiasts, are uniting to push back against the SEC’s latest legal assault on Ripple. On October 2, the regulator filed an appeal targeting Judge Analisa Torres’s ruling in 2023 which determined XRP’s non-security status.
In an effort to challenge this appeal, the XRP army officially launched a petition on October 3 to express their frustration with the SEC’s enforcement actions against Ripple and the nearly four-year legal dispute. The XRP army revealed that the purpose of the petition, which was launched on the Change.org website, was to put a complete stop to the SEC’s appeal and ongoing litigation against Ripple.
In the petition, the XRP described their past unfortunate experiences due to the SEC’s lawsuit against Ripple in 2020. They disclosed that they have been in an unwavering battle with the regulator for almost four years, with this period characterized by the community’s united efforts to publicly and vocally defend the legitimacy of Ripple.
Despite their efforts to shed the SEC’s legal constraints on Ripple, the regulator has remained persistent in its pursuit to classify XRP as a security. The petition has condemned the agency’s latest attempt to challenge the court’s ruling, labeling its recent appeal as “frivolous” while arguing that it introduces needless complexity and exacerbates uncertainty within the broader digital currency industry.
Currently, the XRP army’s petition is nearing its goal, with 9,935 signatures out of the targeted 10,000. As of writing, 1,452 new supporters have signed, with more expected to join before the day’s end.
SEC Appeal To Have Broader Implications On Crypto Space
In the recently launched petition, the XRP army criticized the SEC for not fulfilling its core mission of protecting investors, maintaining fair growth and supporting capital growth in the country. They argue that the regulator has instead prolonged legal actions against Ripple, ultimately causing XRP harm to XRP investors and the broader crypto industry.
The XRP army has noted that the SEC’s new appeal is baseless and aims to threaten the future of XRP and the crypto space as a whole. They stressed that the ramifications of the regulator’s litigation against Ripple extend beyond the crypto payments company, having larger implications for the entire digital asset industry.
As a result, the XRP army has called on the whole community to support the petition which has been created to protect the interest of all digital asset enthusiasts globally who are inspired by the future of the Decentralized Finance (DeFi) ecosystem.
Featured image created with Dall.E, chart from Tradingview.com