Saturday, April 10, 2021

XRP Investors Launch New Petition to Make Gary Gensler Drop Ripple-SEC Lawsuit

XRP community has reportedly launched a new petition to make the incoming SEC chairman drop the lawsuit filed against Ripple, the US-based cross-border payment firm, by the United States Securities and Exchange Commission (SEC) for the alleged sale of XRP as an unregistered security for about seven years.

The petition titled “Gary Gensler: End the War on XRP” launched by a supposed XRP community member about 24 hours ago on Change.com claims that the timing of the lawsuit filed against Ripple Labs by the SEC raises questions about the motivations behind it.

Read Also: Cost-Efficiency, Speed, and Scalability Make XRP a Crypto That Deserves SEC’s Fairness

The petition asks Gary Gensler, as soon as he’s confirmed as the SEC Chairman, to examine the allegations leveled against Ripple and two of its top executives, by the regulatory agency. It also mentions the damage that the needless lawsuit has caused to the holders of the digital token XRP.

The incoming SEC Chairman is petitioned to:

  1. Make a public commitment to sitting down with the holders of XRP and other digital assets to understand what it truly means to defend investors at the SEC.  Your agency is trying to silence our voices in the Ripple lawsuit.  Show us you understand what your job is all about.
  2. 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.
  3. Join together with U.S. crypto and blockchain developers and digital asset holders to develop a clear regulatory framework for everyone, which make sense and protect innovation while fighting fraud and criminality.  We are all ready to work with you.
  4. 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.  That investigation must look into the contacts and relationships – past and present – between former Chairman Clayton and former SEC Director of Corporate Finance William Hinman in the United States, China and other countries, which had direct or indirect interest in the policy statements and official opinions they both issued during their tenure at the SEC on cryptocurrencies and other assets they sought to regulate.

In conclusion, XRP investors urge Gary Gensler to put an end to the practice of making policy through lawsuits. The petition also urges the incoming SEC Chairman to sit down with XRP holders and listen to their stories:

“We want clear rules for everyone, not another SEC chairman picking winners and losers in a regulatory vacuum.  And 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.”

Read Also: SEC Refers To XRP As a “Digital Asset Security” In Its Amended Complaint, Makes Its Stand Confusing

At the writing of writing, the petition has received 2505 signatures.

XRP holders have come up with diverse means lately, in order to make the result of the lawsuit favor Ripple, which is expected to benefit the XRP ecosystem at large.


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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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