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October 3, 2022
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Ripple supporters petition the White House

Demands of the Ripple community

The movement was led by an anonymous supporter who used the initials “JW”. According to the petition, some individuals in the cryptocurrency industry believe that the United States Securities and Exchange Commission process that is chasing Ripple for XRP sales is unnecessary.

In the petition, Ripple’s supporters argue that XRP has already been classified as a currency by the Financial Crime Fighting Network (FinCEN). They also evoke the fact that the SEC’s claim that XRP should be registered as a security has been detrimental to the US market, eliminating billions of investments. According to the official petition:

Billions of dollars worth of value are being swept out of the market in quick succession and, most critically, hundreds of thousands of ordinary Americans – the very Americans the SEC is tasked with protecting – are suffering irreparable harm and damage.

For the petition to be forwarded and reviewed by the White House, a total of 100,000 signatures must be collected by January 28, 2021. Currently, 24,330 XRP defenders have joined the cause and signed. The petition still needs 75,670 signatures before White House executives review it.

SEC puts Ripple on Christmas trick list

The petition arrives on time, as Ripple’s first hearing is scheduled for February 22, 2021. The pre-trial between the SEC and Ripple will be conducted by video call and the United States District Judge Analisa Torres demanded that both parties present arguments for the case, including possible motions and the likelihood of an agreement.

The SEC slapped Ripple with a lawsuit for selling XRP as unregistered securities before the December holiday. According to the lawsuit, the Commission claims that Ripple earned $ 1.3 billion from the sale of XRP tokens and that both the company’s CEO and co-founder pocketed about $ 600 million each. Ripple is determined to fight it and is confident he will win.

Why it might be a good time to buy XRP

Needless to say, the lawsuit against Ripple served to defame the XRP. However, if Ripple wins, it could benefit the cryptocurrency industry as a whole. Digital currencies will not be so easily classified as securities if Ripple is able to fight the process.

In addition, for investors who have benefited from the massive drop in XRP in the market by buying the token at a lower price, they can profit from XRP if they keep the asset long-term and wait for the XRP price to return to “ healthy levels ”.

Previously, before the process, XRP traded at around $ 0.60, reaching as much as $ 0.90 at Coinbase.

Source: BlockchainNews

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