The post Ripple Community Petitions SEC to Halt Appeal—XRP Breakout? appeared on BitcoinEthereumNews.com.

Ripple community members have filed a Change.org petition against the US SEC. The grievance hinges on the regulator’s appeal and impact on XRP. Members of the Ripple community have petitioned the US Securities and Exchange Commission (SEC), dissatisfied with the agency’s decision to appeal the earlier ruling. The appeal is the SEC’s most recent action in its case with Ripple Labs, which began in December 2020. The petition highlights the community members’ dedication to Ripple and XRP, a move that might impact XRP. Ripple Petition Sees Soaring Support As seen on the Change.org website, the petition was launched on October 3, 2024, a day after the SEC filed its notice of appeal. The petition, created by XRP community members, expressed frustration over the four-year lawsuit between the SEC and Ripple. Proponents indicated interest to stop the SEC from continuing its litigation against Ripple, particularly with the recently filed appeal.  As a recap, the case between the SEC and Ripple involves the classification of XRP. The SEC argues that XRP is a security. However, in July 2023, Judge Analisa Torres declared that XRP sales do not constitute securities when traded on exchanges. Unsatisfied with the ruling, the SEC filed an appeal on October 2, as reported by CNF. The petition from the XRP community members argues that the appeal is not good for the digital asset market. The petition mentions that the SEC has deviated from its primary goal of protecting investors by ensuring fair and efficient markets. They assert that the SEC’s ongoing legal battle with Ripple defies these aims and inflicts pain on individual investors.  The petition further noted that the implications of the ongoing case extend to the foundations of crypto regulation. Thus, with the petition, the XRP Army is fighting to protect the interest of global crypto…

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Filed under: News - @ October 8, 2024 3:21 pm