Members of the XRP community petition the United States Securities and Exchange Commission (SEC), calling for an end to its ‘baseless’ appeal in the Ripple case.
The petition launched on Change.org in an effort to stop the SEC from continuing its litigation against Ripple, especially the recently filed appeal.
Petition Details
Created by XRP Army, the petition expressed frustration over the four-year lawsuit between the SEC and Ripple. Data from the Change.org website shows the petition was created on October 3, 2024, a day after the SEC filed its appeal notice, indicating interest in challenging the Ripple ruling.
Notably, the petitioners characterized the appeal as harmful and unnecessary, adding that the move would further create uncertainty in the digital currency market.
The petition mentioned that the SEC has diverted from its original goal of protecting investors by maintaining fair and efficient markets and facilitating capital formation. Instead, they claimed that the SEC, through its continued legal tussle with Ripple, contradicts these objectives and harms U.S. investors.
According to the petitioners, the SEC’s case against Ripple has broader implications for digital currency regulation.
Petition Garners Interests Among Crypto Enthusiasts
The petition has garnered interest since its creation on October 3. Notably, the petition is close to hitting its target of 10,000 signatures just a few days after going public.
It currently boasts a total of 8,335 signatures. According to the Change.org website, 569 signatures were added today.
Petition to stop SEC appeal
It might not take long before the petition reaches its target of 10,000 signatures. Top XRP community members have widely shared the petition across various social media platforms, urging crypto enthusiasts to support the campaign to end the SEC’s “frivolous and unnecessary appeal” that has inflicted major pains on investors.
Retail Investors Air Grievances Against SEC
Meanwhile, retail investors from other crypto communities have continued to voice their displeasure over the SEC’s unending enforcement actions within the crypto industry.
As reported earlier, a group of Veritaseum (VERI) token holders filed a bar complaint against SEC’s Enforcement Chief for Crypto Assets and Cyber Unit Jorge G. Tenreiro, accusing him of misconduct and overreach.
For context, Tenreiro has been involved in several SEC-related lawsuits, including DEBT Box and Veritaseum. He recently signed off the SEC’s appeal notice against Ripple. However, VERI holders are pushing for his debarment, alleging misconduct and overreach in the cases he has been involved in.
For instance, in the DEBT Box case, the SEC tendered misleading evidence to obtain a temporary restraining order (TRO) against the company. At the time, the SEC paid a fine of $1.8 million for damages.
If the allegations raised in the bar complaint prove true, Tenreiro could face debarment, while all the cases he has handled could be reviewed.
In the meantime, the SEC has yet to file its actual appeal brief in the Ripple case. Speculation suggests that the SEC could file the brief by December. Ripple might also file a cross-appeal in the SEC case. The company made the suggestion in a statement issued last week by its Chief Legal Officer (CLO) Stuart Alderoty.
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