As token costs plunge and Ripple prepares for court docket, a band of XRP lovers have rallied round a petition that will power a White Home assertion on the current SEC lawsuit alleging Ripple conducted an unregistered securities offering.
A petition filed on the White Home-run We the Individuals web site titled “We the Individuals ask the federal authorities to deem XRP, the digital forex, a forex,” has now crossed 10,000 signatures.
Created by the Obama administration in 2011, We the Individuals permits customers to create petitions that, upon reaching 100,000 signatures inside 30 days, will immediate an official White Home response. Whereas lots of the petitions are severe, the platform has been dwelling to a couple of lark: some of the well-known petitions referred to as for the development of a Loss of life Star.
The XRP petition, created by “J.W.”, requires the SEC to “stop” its “frivolous” lawsuit, referencing a earlier FinCEN dedication that XRP is a forex. The petition additionally references XRP’s rapidly-deteriorating marketcap — a drawdown that TheTIE’s Joshua Frank has called the “third largest collapse of all-time” — in addition to the “tons of of hundreds of bizarre Individuals” who’re “struggling irreparable hurt and damages.”
XRP’s market cap has fallen by 93% from $137B to beneath $10B. That makes the worth of the XRP collapse larger than Enron and Worldcom.
Whereas not a chapter, XRP is successfully the third largest collapse of all time behind Lehman Brothers and Washington Mutual.
— Joshua Frank (@Joshua_Frank_) December 30, 2020
The petition effort comes as Ripple prepares for a February pretrial conference, the primary of what could show to be an extended and contentious authorized course of. Following the SEC’s submitting a go well with on December twenty second, the variety of major exchanges who have delisted XRP continues to develop, and Ripple has launched an announcement encouraging buyers and the press to wait to hear the company’s side of the story earlier than coming to any conclusions.
Because the authorized course of strikes ahead, petition signers discover themselves with few choices. Mentioned one redditor:
“I really feel like you possibly can get one million signatures and it wouldn’t do a rattling factor. That being mentioned, I signed it.”