The XRP Army is ramping up efforts to push back against the U.S. Securities and Exchange Commission (SEC)’s appeal in the Ripple vs. SEC lawsuit , calling it unnecessary and damaging to the cryptocurrency market. XRP supporters claim that the SEC’s actions create instability in the crypto sector, directly contradicting the agency’s mission.
XRP Army’s Petition Calls for SEC to End ‘Frivolous’ Appeal in Ripple Case
The XRP Army launched a petition on Change.org last week, urging the U.S. Securities and Exchange Commission (SEC) to stop its appeal in the Ripple vs. SEC lawsuit. The petition has garnered nearly 10,000 signatures at the time of writing.
The petition highlights a four-year struggle with the SEC, during which Ripple supporters have fought to defend the company’s legitimacy. According to the XRP Army, the SEC’s actions contradict its mission of protecting investors and ensuring fair markets. Instead, the ongoing appeal is said to have caused confusion and instability within the cryptocurrency sector. The petition states:
The SEC’s frivolous appeal in the Ripple vs. SEC final judgment adds an unnecessary layer of complexity and imparts an air of uncertainty within the digital currency market.
The SEC filed a formal notice of appeal against Ripple in the U.S. Court of Appeals for the Second Circuit last week. This move followed a district court’s August ruling, which the SEC claims included significant legal errors.
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Ripple supporters believe that the SEC’s continued legal actions create unnecessary instability, not only affecting Ripple, but the broader cryptocurrency sector, with potential long-term impacts on the growth of decentralized finance (defi). The group insists that ending this appeal is crucial for ensuring stability within the market. The petition urges the SEC to reconsider, stating that the case’s outcome could set a precedent for future cryptocurrency regulation.
The XRP Army argues that the SEC’s decision to continue the legal battle creates unnecessary hardship for individual investors, going against the commission’s purpose. The petition explains:
The plea here is straightforward – stop the SEC’s baseless appeal in the Ripple v. SEC final judgment. The ramifications of this case extend beyond just Ripple and its stakeholders.
Source: Bitcoin
