Ripple Vs. SEC Legal Battle: XRP Army Joins The Fight With New Petition

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As a long-time crypto investor and supporter of Ripple, I can’t help but feel a sense of solidarity with the XRP army as they stand united against the SEC’s latest legal assault. The past four years have been a rollercoaster ride for all of us in the crypto space, but the unwavering resolve and determination shown by the community is truly inspiring.

Supporters of XRP, often referred to as the XRP army, have actively participated in the legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC). They’ve demonstrated their backing for Ripple, a digital payments company, by initiating a new petition. This petition, which emphasizes the SEC’s potentially damaging enforcement actions through its latest appeal, has already amassed several thousand signatures from diverse members of the community.

XRP Army Launches Petition Against The SEC

A multitude of Ripple advocates, including backers, XRP investors, and casual fans, are banding together to counteract the SEC’s recent legal challenge against Ripple. On October 2, the regulatory body submitted an appeal intending to overturn Judge Analisa Torres’s decision from 2023, which classified XRP as a non-security asset.

To counter this legal action taken by the SEC against Ripple, the supporters of XRP (XRP army) initiated a petition on October 3rd. This move aims to voice their discontent with the SEC’s actions towards Ripple and the prolonged four-year court battle. The purpose of the petition, which is available on Change.org, is to halt the SEC’s ongoing appeal and litigation against Ripple entirely.

In their petition, XRP outlined the difficulties they faced due to the SEC’s lawsuit against Ripple in 2020. They revealed that for almost four years, they have been persistently fighting the regulatory body. This prolonged struggle was marked by the community banding together to make a public and vocal defense of Ripple’s legitimacy.

Regardless of Ripple’s attempts to free XRP from SEC’s regulatory restrictions, the regulator continues to push for classifying XRP as a security. The petition criticizes the agency’s recent move to challenge the court decision, calling it “frivolous,” as it adds unwanted complexity and intensifies ambiguity in the broader digital currency market.

At the moment, the XRP community’s petition is almost reaching its mark, boasting 9,935 signatures out of a required 10,000. So far, an additional 1,452 supporters have signed, and it’s anticipated that more will join before the day concludes.

SEC Appeal To Have Broader Implications On Crypto Space

In a recently initiated petition, supporters of XRP voiced their disapproval towards the SEC for failing to carry out its primary function of safeguarding investors, promoting fair development, and fostering economic growth within the nation. They contend that rather than upholding its duty, the regulatory body has instead prolonged legal disputes against Ripple, which in turn has adversely affected XRP investors and the overall cryptocurrency sector.

The XRP army has noted that the SEC’s new appeal is baseless and aims to threaten the future of XRP and the crypto space as a whole. They stressed that the ramifications of the regulator’s litigation against Ripple extend beyond the crypto payments company, having larger implications for the entire digital asset industry. 

Consequently, the XRP community is urging everyone to back a petition that was established with the goal of safeguarding the rights of digital asset fans worldwide, who share an enthusiasm for the potential future of Decentralized Finance (DeFi).

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2024-10-10 07:11