The XRP Army is escalating its efforts to oppose the U.S. Securities and Exchange Commission (SEC) appeal in the ongoing Ripple lawsuit. Supporters of XRP argue that the SEC’s actions are unnecessary and harmful to the stability of the cryptocurrency market. They claim the SEC’s move goes against its mission of protecting investors and ensuring fair markets.
Last week, the XRP Army started a petition on Change.org to stop the SEC from continuing an appeal in the Ripple v. SEC case. Currently, the petition has more than 10,000 signatures. As the petition points out, this is a four-year lawsuit between Ripple and the SEC. During this period, Ripple enthusiasts have been keen to refute claims that the company is an unadulterated scam in the crypto industry.
As pointed out by the XRP Army, the SEC has not provided any clarity and certainty to the market. The petition reads: “The frivolous appeal by the SEC in the Ripple v. SEC final judgment creates another level of confusion and gives somewhat a perception of vagueness within the digital currency market.” This is why Ripple supporters believe that this continuous legal process hinders the cryptocurrency market, not only Ripple but the entire sector. They are concerned that such actions might negatively impact the development of DeFi in the future, so they issued these warnings.
Ripple Case Appeal Could Impact Future of Cryptocurrency Regulation, Supporters Warn
The SEC formally appealed last week a district court decision made in August that the agency said contained several legal mistakes. On the same note, Ripple supporters have accused the SEC of taking an aggressive approach that only serves to disrupt the market. They say that it is important that the case is resolved without further ado and brought to a close as soon as possible to maintain market stability.
The petition also points out that the SEC’s legal actions are putting undue burdens on individual investors and obscuring the much-needed regulatory certainty in the crypto space. “The plea here is straightforward—stop the SEC’s baseless appeal in the Ripple v. SEC final judgment,” the petition states. The ramifications of this case extend beyond just Ripple and its stakeholders.”
Ripple’s supporters stress that the outcome of this case could set a critical example for how cryptocurrencies will be regulated in the future. Therefore, they call the SEC to reconsider its position and stop the appeal. They believe this appeal only serves to hinder the growth and development of the entire digital asset space.
