As Ripple officials prepare to battle the SEC in court, XRP enthusiasts are galvanizing themselves around a petition that seeks to deem XRP a currency (virtual currency).
The XRP enthusiasts have made enough noise to potentially get the White House to release a statement in the SEC’s recent lawsuit that alleges Ripple conducted an unregistered securities offering. The XRP enthusiasts are firmly standing behind a petition filed on the White House-run “We the People” website titled “We the People ask the federal government to deem XRP, the virtual currency, a currency.”
The white house platform created by the Obama administration allows users to create petitions that upon reaching 100,000 signatures within a month will prompt an initial White House response. The XRP community through petition author “JW” calls for the SEC to stop its “frivolous” lawsuit referencing a previous FinCEN determination that XRP is a currency. The petition also references XRP’s free fall in marketcap- a drawdown that has been described by The TIE’s Joshua Frank as the” third largest collapse of all time.”
The XRP community is rising up in defiance a month before Ripple’s pretrial conference, the first of what might prove to be a long and arduous legal process. Since the SEC started going at it with XRP, a number of exchanges have delisted the token. Some of the exchanges that are delisting XRP include Coinbase, OkCoin, Bittrex among a host of others. Ripple recently responded to the SEC by releasing a statement that promised to fight the SEC’s charges against it. Ripple also sensationally claimed that the regulatory body had intentions to go after the whole industry. Time will tell how this case unfolds and if the White House addresses the issue in response to the petition.
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