A petition for XRP is launched on the White House website

A petition for XRP is launched on the White House website

  • On December 29, the XRP community launched a petition on the White House website.
  • 10,000 people signed the petition; 90,002 signatures are needed.
  • Legal proceedings against Ripple Labs begin in February.

Faced with losses since the Securities and Exchange Commission declared XRP a security, the asset community is asking the US government to declare it a currency.

We, the people…

On December 29, a petition appeared on the US White House website regarding the fate of Ripple Labs‘ XRP token. The call called on the government Bitcoin Superstar to uphold the Financial Crimes Enforcement Network’s (FinCEN) determination that XRP is a currency.

At the time of publication of this article, approximately 10,000 people had signed the petition. To have an impact, the petition needs 90,002 signatories.

Supporters launched the petition in response to a December 23rd action by the Securities and Exchange Commission (SEC). The SEC accused the executives of Ripple Labs of selling unregistered securities (namely, XRP). These sales totaled $1.3 billion, according to the charges.

Ripple makes waves

These are more than accusations that current CEO Christian Larsen and former CEO Brad Garlinghouse created Ripple to sell XRP. The SEC is also accusing both of unregistered sales of XRP, totalling approximately $600 million.

Garlinghouse announced the impending charges on December 22 and strongly defended his view that XRP was being attacked for non-fundamental reasons. He highlighted the fact that Ripple had been in the market for eight years. In addition, he questioned the timing and motivation of the lawsuit. The SEC, acting in the final days of the Trump administration, will leave the Biden administration to sort out the rest.

Local storm or global event?

The SEC’s action sent shock waves through the XRP community despite Garlinghouse’s warning. US-based exchanges have begun to rapidly remove or suspend XRP from their trading platforms. Not all of these suspensions took effect immediately. Coinbase, for example, will suspend trading on January 19th. Bitstamp will suspend trading and deposits on January 8th.

Outside the US, life continues for XRP holders. The Australian exchange BTC Markets tweeted on 31 December that for the time being they would continue to list the token.

For our #XRP clients, we are monitoring events in the US regarding the SEC. However, we have no plans to delist XRP at this time @Ripple.