The XRP Army is intensifying its efforts to challenge the US Securities and Exchange Commission (SEC)'s appeal in the Ripple lawsuit, labelling it both unnecessary and detrimental to the cryptocurrency market.
Supporters of XRP argue that the SEC's actions undermine stability in the crypto sector, which contradicts the agency's stated mission.
In response, members of the XRP community have launched a petition on Change.org, urging the SEC to end what they describe as a "baseless" appeal.
This petition was created on 3 October 2024, just one day after the SEC filed its appeal notice, signalling a strong desire among XRP supporters to contest the Ripple ruling and halt ongoing litigation against the company.
As of now, the petition has amassed over 10,000 signatures, with a new target of reaching 15,000.
This initiative underscores the community's four-year struggle against the SEC, as frustrated Ripple supporters work to defend the company's legitimacy.
The petition states:
“Our story begins with four years of unwavering battle with the SEC. These years have been marred with undying efforts to defend what we, and many others, believe in - the legitimacy of Ripple. The SEC's frivolous appeal in the Ripple v. SEC final judgment adds an unnecessary layer of complexity and imparts an air of uncertainty within the digital currency market.”
The XRP Army contends that the SEC's actions undermine its mission to protect investors and promote fair markets, arguing that the ongoing appeal has led to confusion and instability in the cryptocurrency sector.
The SEC's actions are contradictory according to the petition:
“The purpose of the SEC's existence is to protect investors, maintain fair and efficient markets, and facilitate capital formation. However, its prolonged contention with Ripple seems to contradict these objectives. Instead of providing protection, it's inflicting unnecessary pain on individual investors like myself and countless others.”
The SEC filed a formal notice of appeal in the US Court of Appeals for the Second Circuit last week, following a district court's ruling in August that the SEC claims contained significant legal errors.
Ripple supporters believe these continued legal actions not only destabilise Ripple but also pose broader risks to the cryptocurrency landscape and the future growth of decentralised finance (DeFi).
They assert that ending this appeal is vital for restoring stability in the market.
The petition emphasizes that the case's outcome could set a crucial precedent for future cryptocurrency regulation.
The XRP Army argues that the SEC's choice to prolong this legal battle imposes undue hardship on individual investors, directly contradicting the commission’s intended 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. It's a matter of principle that goes to the very foundations of digital currency regulations.”
Prominent members of the XRP community have actively circulated a petition across multiple social media platforms, rallying crypto enthusiasts to join the campaign against the SEC's "frivolous and unnecessary appeal," which they argue has caused significant distress for investors.
As the community mobilises support, the SEC has yet to submit its official appeal brief in the Ripple case, with speculation indicating a possible filing by December.
Additionally, Ripple may pursue a cross-appeal, a notion suggested by the company's Chief Legal Officer, Stuart Alderoty, in a statement released last week.
The petition concluded:
“We must protect the interest of all digital currency enthusiasts worldwide who are inspired by the prospects of a decentralized financial future. End this unwarranted appeal. Sign the petition today and let your voices be heard.”
This potential development raises intriguing questions about the future trajectory of the case and its implications for the broader cryptocurrency market.
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