XRP enthusiasts seek to force White House’s hand on SEC suit

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As token prices drop and Ripple prepares for court, a group of XRP enthusiasts have rallied around a petition that could force a White House statement on the recent SEC lawsuit alleging Ripple has one Unregistered securities offer made.

A petition on the White House-run We the People website entitled “We the People Asks the Federal Government to Consider XRP, the Virtual Currency, a Currency,” has now exceeded 10,000 signatures.

Founded in 2011 by the Obama administration, We the People enables users to create petitions that will trigger an official White House response within 30 days of reaching 100,000 signatures. While many of the petitions are serious, the platform has hosted more than one lark: one of the most famous petitions calling for the construction of a Death Star.

The XRP petition created by “JW” calls on the SEC to “drop” its “frivolous” lawsuit, referring to a previous FinCEN finding that XRP is a currency. The petition also references XRP’s rapidly deteriorating market capitalization – a drawback that TheTIE’s Joshua Frank has described as the “third biggest collapse of all time” – as well as the “hundreds of thousands of ordinary Americans” who “suffer irreparable harm and harm”. ”

XRP’s market cap is down 93% from $ 137 billion to under $ 10 billion. As a result, the value of the XRP collapse is greater than that of Enron and Worldcom.

XRP may not be bankrupt, but it is the third largest collapse of all time after Lehman Brothers and Washington Mutual.

– Joshua Frank (@Joshua_Frank_) December 30, 2020

The petition effort comes as Ripple prepares for a pre-conference in February, the first of a potentially lengthy and controversial legal process. After the SEC filed suit on December 22, the number of major exchanges delisting XRP continues to grow. Ripple released a statement urging investors and the press to wait for the company’s side before reaching any conclusions.

As the legal process progresses, petition signers have few options. Said a Redditor:

“I feel like you could get a million signatures and it wouldn’t do anything. Other than that, I signed it.”