Ripple’s legal battle against the United States Securities and Exchange Commission (SEC) has been actively engaged by the XRP army, which has submitted a new petition supporting the crypto payments company.
The petition has collected thousands of signatures from various community members, highlighting the SEC’s detrimental enforcement actions with its new appeal.
The XRP Army Initiates a Petition Against the SEC
The XRP army, composed of millions of Ripple supporters, XRP investors, and ordinary devotees, is uniting to resist the SEC’s most recent legal attack on Ripple. The regulator filed an appeal on October 2 against Judge Analisa Torres’s 2023 ruling, establishing XRP’s non-security status.
The XRP army officially launched a petition on October 3 to convey their frustration with the SEC’s enforcement actions against Ripple and the nearly four-year legal dispute to challenge this appeal. The XRP army disclosed that the petition, initiated on the Change.org website, was intended to halt the SEC’s appeal and ongoing litigation against Ripple.
The XRP petition detailed their previous unfortunate experiences due to the SEC’s lawsuit against Ripple in 2020. They disclosed that they have been in an unwavering conflict with the regulator for nearly four years. During that time, the community has united to publicly and vocally defend Ripple’s legitimacy.
Despite Ripple’s efforts to alleviate its legal restrictions, the SEC has been committed to designating XRP as a security. The petition has denounced the agency’s most recent attempt to challenge the court’s ruling, characterizing it as “frivolous” and contending that it introduces unnecessary complexity and exacerbates uncertainty within the broader digital currency industry.
The XRP army’s petition is on the brink of achieving its objective, with 9,935 signatures out of the 10,000 intended. At the time of this writing, 1,452 new supporters have signed up, and it is anticipated that additional individuals will join before the day concludes.
SEC Appeal To Have Broader Implications On Crypto Space
The XRP army recently launched a petition criticizing the SEC for failing to fulfill its primary mission of protecting investors, promoting fair growth, and supporting capital growth in the country.
They contend that the regulator has instead extended legal proceedings against Ripple, ultimately damaging XRP investors and the broader crypto industry.
The XRP army has observed that the SEC’s latest appeal is unfounded and is intended to jeopardize the future of XRP and the crypto space. They emphasized that the consequences of the regulator’s litigation against Ripple are not limited to the crypto payments company; they have broader implications for the entire digital asset industry.
Consequently, the XRP army has urged the entire community to endorse the petition, which has been established to safeguard the interests of all digital asset enthusiasts worldwide motivated by the potential of the Decentralized Finance (DeFi) ecosystem.
