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As token prices plummet and Ripple gears up for court, a group of XRP enthusiasts have rallied around a petition that could force a White House statement on the recent SEC lawsuit alleging Ripple has conducted an unrecorded securities offering.
A petition filed on the White House-run We the People website titled “We the People Call on the Federal Government to Treat Virtual Currency XRP as Currency,” has now crossed 10,000 signatures.
Created by the Obama administration in 2011, We the People allows users to create petitions that, after reaching 100,000 signatures within 30 days, will elicit an official response from the White House. While many petitions are serious, the platform has hosted more than one lark: one of the most famous petitions called for the building of a Death Star.
The XRP petition, created by “JW”, calls on the SEC to “stop” its “frivolous” lawsuit, referring to a previous determination by FinCEN that XRP is a currency. The petition also refers to the rapidly deteriorating market capitalization of XRP – a pullback that TheTIE’s Joshua Frank has called “the third biggest collapse of all time” – as well as the “hundreds of thousands of ordinary Americans” who “suffer irreparable harm and damage. “
XRP’s market cap fell 93% from $ 137 billion to less than $ 10 billion. This makes the value of the XRP collapse greater than that of Enron and Worldcom.
Although not a bankruptcy, XRP is in fact the third biggest collapse of all time behind Lehman Brothers and Washington Mutual.
– Joshua Frank (@Joshua_Frank_) December 30, 2020
The petition effort comes as Ripple prepares for a pre-trial conference in February, the first of what could prove to be a long and controversial legal process. Following the SEC filing of a December 22 complaint, the number of major exchanges that have delisted XRP continues to grow, and Ripple issued a statement encouraging investors and the press to wait to hear from the company’s side before to draw conclusions.
As the legal process progresses, petitioners find themselves with few options. One editor said:
“I have a feeling you could get a million signatures and it wouldn’t matter. That being said, I signed it.”
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