The XRP community, often referred to as the “XRP army,” has taken an assertive stance in the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC). In a significant show of support for the renowned crypto payments company, XRP enthusiasts have initiated a new petition. This petition, which calls attention to the SEC’s detrimental enforcement measures, has already accumulated thousands of signatures from various community members, demonstrating widespread disapproval of the regulatory body’s actions.
XRP Army Mobilizes with Petition Against SEC
The XRP army, a robust collective of Ripple enthusiasts, investors, and crypto supporters, is mobilizing to counter the SEC’s recent legal maneuvers against Ripple. On October 2, the regulatory body lodged an appeal challenging Judge Analisa Torres’s 2023 ruling, which pronounced XRP as a non-security. In a bid to contest this appeal, the XRP army officially launched a petition on October 3. The petition aims to voice their displeasure with the SEC’s continued legal actions against Ripple, which have persisted over nearly four years. The goal of this petition, hosted on Change.org, is to halt the SEC’s appeal and bring an end to its ongoing litigation against Ripple.
The petition details the XRP community’s prior adverse experiences due to the SEC’s 2020 lawsuit against Ripple. It highlights their enduring commitment to combating the regulator’s actions, a period marked by concerted efforts to publicly affirm Ripple’s legitimacy. Despite these efforts, the SEC remains steadfast in its attempt to classify XRP as a security. The petition denounces the agency’s latest appeal as “frivolous,” arguing that it unnecessarily complicates matters and heightens uncertainty within the broader digital currency sector.
As it stands, the XRP army’s petition is nearing its target, with 9,935 signatures collected out of the 10,000 goal. As of the latest update, an additional 1,452 supporters have signed up, with expectations for more to join as the day progresses.
Wider Implications of SEC’s Appeal on Cryptocurrency Industry
In the recently initiated petition, the XRP army criticizes the SEC for failing to uphold its fundamental mission of safeguarding investors, ensuring fair growth, and fostering capital development within the country. They assert that the regulator has instead prolonged legal proceedings against Ripple, ultimately inflicting harm on XRP investors and the broader cryptocurrency industry.
The XRP community argues that the SEC’s new appeal lacks merit and poses a threat to the future of XRP and the crypto space as a whole. They emphasize that the consequences of the SEC’s litigation against Ripple extend beyond the company itself, potentially affecting the entire digital asset ecosystem. Consequently, the XRP army is urging the global community to support the petition, which seeks to protect the interests of all digital asset enthusiasts worldwide who are inspired by the potential of the Decentralized Finance (DeFi) ecosystem.
