XRP holders have turned to Change.org to make their voices heard. Ripple made headlines in May when the SEC took its time deliberating over the cryptocurrency and digital payments firm’s lawsuit, which stems from a sale of XRP that was conducted by Ripple Labs Inc, one of two LLCs created by the company after it split off from parent company OpenCoin in 2013.
The petition with the U.S. Securities and Exchange Commission (SEC) demands to end the lawsuit against Ripple, arguing that it is a simple case of “overreach” by the regulatory agency. The petition has been signed by over 30,000 people as of press time.
The special agent in charge of the SEC, Robert Cohen has recently issued an order which instructed Ripple to cease and desist its ongoing sales. When Ripple is advocating for XRP to be classified as a non-security, this petition by Hodge and over 60 XRP community members underscores the significance of whether or not it will classify. The SEC was created with the goal of protecting investors’ rights. However, Hodge claimed this move would instead harm investors who will from now on be forced to sell their stocks more quickly than they had intended to.
The petition to end the SEC’s lawsuit against XRP was successful in gathering the signatures. The petitioners have called on the SEC to reassess their strategy and approach towards crypto assets. The petition got a lot of attention, as it comes from members of crypto community who are well respected for their knowledge and contributions to the industry.
“End the Ripple lawsuit and stop the SEC from making up cryptocurrency rules through lawsuits in place of writing these rules properly, with public input and partnership with the U.S. Congress.”
“Request the SEC Inspector General conduct a thorough investigation of the matters that led to the last-minute lawsuit against Ripple, filed on the last day in office by former SEC Chairman Jay Clayton… We demand an investigation that fully clarifies whether the SEC was protecting someone else’s interests instead of retail investors when the Ripple lawsuit was filed in December 2020.”
The petition was submitted to support a letter sent to Gensler’s office by seven members of Congress asking that the SEC drop its lawsuit against XRP II and R3.