The owners of XRP, the native digital currency of the US-based cross-border blockchain payment company Ripple, want the ongoing lawsuit between the US Securities and Exchange Commission and Ripple Labs as soon as possible. To that end, they petitioned the Securities and Exchange Commission to also end this lawsuit, which has now reportedly reached the required number of signatures.
Petition from XRP holders reached the required number of signatures
XRP investors or owners filed their petition with Gary Gensler, the head of the SEC. In the petition, the owners called for the United States’ independent agency to end its lawsuit against blockchain payment giant Ripple.
It took 30,000 signatures for the petition to be accepted, and the petition successfully met this requirement as Thomas Hodge, the founder of Crypto and Policy, was able to get 30,000 signatures.
The main allegation by XRP backers and Hodge is that the Securities and Exchange Commission has already done enough damage to investors and owners of XRP during this lawsuit, causing the owners to lose billions of dollars.
The petitioners asked the SEC in the petition that the agency should end this lawsuit and revise its strategy to properly regulate the digital asset industry.
In addition, they asked to investigate the real motive behind this lawsuit:
“Request the SEC inspector general to conduct a thorough investigation into the matters leading up to the last-minute lawsuit against Ripple, filed last day in office by former SEC chairman Jay Clayton. We are calling for an investigation that will fully clarify whether the SEC is protecting anyone else’s interests rather than retail investors when the Ripple lawsuit was filed in December 2020.”