An online petition has gained around 36,000 votes pleading the US government to acknowledge XRP as a currency.
Around 36,000 people have already signed an online petition that asks the US Federal Government to appraise the cryptocurrency XRP as a currency.
Last December 22, 2020, the SEC announced action against Ripple Labs Inc. and two of its executives, saying that they raised over $1.3B in an unregistered digital asset securities offering. This caused the mass delistings of the token and made its price crash. Now, thousands of XRP fans are begging for mercy.
“The Securities and Exchange Commission is tasked to protect investors in US Securities. It however, has filed frivolous action claiming the cryptocurrency, XRP, which has already been deemed a currency by FinCEN, to be a security,” the petition states.
Ever since SEC’s action last December, XRP’s value has dropped to near negligible levels. After being priced at $0.56, last December 21, 2020, XRP dropped by 67% to $0.18 by December 29.
XRP has climbed slightly to $0.25 but hasn’t managed to recover the figures before SEC’s announcement.
The writer of the petition alleges that the SEC has caused harm against the investors – the regulatory body it is meant to protect.
“Due to this action, the 40 billion dollar market for the currency is rapidly failing as companies scramble to maintain compliance,” the petition reads, continuing, “Hundreds of thousands of ordinary Americans – the very Americans that the SEC is tasked to protect – are suffering irreparable harm and damages.”
The petition already garnered over 35,000 signatures; they need to speak louder with 65,000 more for it to be heard.
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