The XRP Army has actively participated in the legal battle between Ripple and the US Securities and Exchange Commission (SEC), showing support for the crypto payments company with a new petition. A petition highlighting the SEC’s harmful enforcement practices with new complaints has already gathered thousands of signatures from various community members.
XRP Army launches petition against SEC
The XRP army, made up of millions of Ripple supporters, XRP investors, and casual enthusiasts, is uniting to counter the SEC’s latest legal attack on Ripple. On October 2, the regulator filed an appeal of Judge Annalisa Torres’ 2023 ruling that determined XRP’s non-security status.
In an effort to contest this appeal, the XRP Army formally launched a petition on October 3 expressing dissatisfaction with the SEC’s enforcement actions against Ripple and the nearly four-year legal dispute. The XRP Army has revealed that the purpose of the petition started on the Change.org website is to permanently halt the SEC appeal and ongoing litigation against Ripple.
In its petition, XRP explained its past unfortunate experience with the SEC’s lawsuit against Ripple in 2020. XRP has revealed that it has been in an unyielding battle with regulators for almost four years. This period was characterized by a concerted community effort in public life. And we will loudly defend the legitimacy of Ripple.
Despite efforts to remove the SEC’s legal restrictions on Ripple, regulators continue to pursue classifying XRP as a security. The petition condemns the authorities’ recent attempts to challenge the court’s ruling, labeling the recent appeal as “frivolous” and adding unnecessary complexity to the wider digital currency. They argued that it was exacerbating uncertainty in the industry.
Currently, the XRP Army petition has gathered 9,935 signatures out of the goal of 10,000, and is moving closer to its goal. As of this writing, 1,452 new supporters have signed up, with more expected to join by the end of the day.
SEC sues to have wide-ranging impact on crypto space
In a recently launched petition, the XRP Army criticized the SEC for failing to fulfill its core mission of protecting investors, maintaining fair growth, and supporting domestic capital growth. They argue that regulators are instead extending legal action against Ripple, ultimately harming XRP investors and the broader crypto industry.
XRP Army pointed out that the SEC’s new complaint is baseless and aimed at threatening the future of XRP and the crypto space as a whole. They emphasized that the impact of the regulator’s case against Ripple extends beyond the crypto payments company and has a major impact on the digital asset industry as a whole.
As a result, the XRP Army calls on the entire community to support a petition created to protect the interests of all digital asset enthusiasts around the world inspired by the future of the decentralized finance (DeFi) ecosystem. I did.
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