The XRP community is intensifying its efforts to push back against the U.S. Securities and Exchange Commission (SEC)’s appeal in the Ripple lawsuit, arguing that it is unnecessary and harmful to the cryptocurrency market.
Supporters of XRP claim that the SEC’s actions are creating instability in the crypto sector, directly contradicting the agency’s mission.
A petition launched by the XRP community on Change.org last week is calling for the U.S. Securities and Exchange Commission (SEC) to halt its appeal in the Ripple v. SEC lawsuit. The petition has already gathered nearly 10,000 signatures.
The petition emphasizes the four-year battle with the SEC, during which Ripple supporters have fought to defend the company’s legitimacy. According to the XRP community, the SEC’s actions go against its mission of protecting investors and ensuring fair markets. Instead, the ongoing appeal is said to have caused confusion and instability within the cryptocurrency sector.
The SEC filed a formal notice of appeal against Ripple in the U.S. Court of Appeals for the Second Circuit last week, following a district court’s August ruling, which the SEC claims included significant legal errors.
Supporters of Ripple believe that the SEC’s continued legal actions create unnecessary instability, not only affecting Ripple, but the broader cryptocurrency sector, potentially impacting the growth of decentralized finance (defi) in the long term. The group insists that ending this appeal is crucial for ensuring stability within the market. The petition urges the SEC to reconsider, stating that the case’s outcome could set a precedent for future cryptocurrency regulation.
The XRP community argues that the SEC’s decision to continue the legal battle creates unnecessary hardship for individual investors, going against the commission’s purpose. The petition states:
The plea here is straightforward – stop the SEC’s baseless appeal in the Ripple v. SEC final judgment. The ramifications of this case extend beyond just Ripple and its stakeholders.
What are your thoughts on the XRP community’s petition opposing the SEC’s appeal in the Ripple case? Do you think the SEC will reconsider? Share your views in the comments.
