According to the petition that is available online, XRP had already been deemed a currency by the Financial Crimes Enforcement Network (FinCEN). The petition explains this as follows.
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.
- A member of the XRP community has filed a petition with the White House requesting the SEC lawsuit to be halted
- The petition cites that FinCEN already declared XRP a currency
- Furthermore, the SEC lawsuit against Ripple has caused massive damages to XRP holders
- Such financial damage is in contrast to the SEC’s mandate to protect retail investors
The XRP army has been known to be one of the strongest and determined in the crypto-verse. It is with this determination that an XRP community member has filed a petition with the White House to stop the SEC’s lawsuit against Ripple.
The petition was highlighted by veteran Bitcoin and crypto analyst, MagicPoopCannon, via the following tweet. Magic goes on to request the XRP army to sign the online petition that needs 100k signatures.
Please sign and SHARE this petition to the White House, regarding #XRP! https://t.co/HdjtdsZxAO
— MAGIC (@MagicPoopCannon) January 3, 2021
XRP Holders Suffered Irreparable Harm and Damages
The petition to the White House goes on to explain that XRP holders suffered irreparable financial damages due to the market reaction as a result of the news of the SEC suing Ripple. It goes to explain that such damage is in contrast to the ethos of the SEC in terms of protecting retail investors from financial harm.
Due to this action, the 40 billion dollar market for the currency is rapidly failing as companies scramble to maintain compliance. Billions of dollars of value is being wiped from the market in rapid succession and most critically, hundreds of thousands of ordinary Americans – the very Americans that the SEC is tasked to protect – are suffering irreparable harm and damages.
The SEC complaint is damaging to the holders of the currency XRP, and must cease immediately.