More than 35,000 people have signed an online petition requiring the US federal government to consider XRP as a cryptocurrency.
On December 22, 2020, the Securities and Exchange Commission (SEC) announced action against Ripple, and two of the company's executives, claiming they had raised more than $ 1.3 billion by offering unregistered securities for digital assets.
This caused mass write-downs of the XRP digital currency from trading platforms and investment funds, which in turn caused the currency's price to collapse.
Now, thousands of frustrated XRP fans and supporters gather and sign this petition asking the government to reconsider the Ripple case and consider XRP as a digital currency.
If you are a supporter of Ripple and are hoping to communicate your voice and participate by signing the petition, this can be done through the link.
From the text of the petition calling for intervention, the following:
The SEC is mandated to protect investors in American securities.
However, a frivolous lawsuit has been filed alleging that the XRP digital currency is a security and guarantee, which was already considered a digital currency by FinCEN.
Since the SEC lawsuit was filed in December, the value of XRP has fallen to low levels.
After the currency was quoted at $ 0.56 on December 21, 2020, XRP was down 67% to $ 0.18 by December 29.
Since then, XRP has risen slightly to $ 0.25 and then $ 0.29 today, but has been unable to recover to the numbers seen before the SEC announcement.
The author of the petition says the SEC has caused harm to the investors that the regulator aims to protect.
The petition stated:
As a result of this measure, the $ 40 billion market for XRP digital currency will quickly fail as companies scramble to maintain legal compliance.
Hundreds of thousands of ordinary Americans, the Americans the SEC has been tasked with protecting, suffer irreparable damage.
While the petition has already obtained 36,571 signatures, it is still far from the total 100,000 signatures to be collected.