CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$24,339.00
  • ethereum
    ETH$1,937.70
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Ripple Supporters File a Petition for the White House to Declare XRP a Currency

    Ripple Supporters File a Petition for the White House to Declare XRP a Currency

    Author: George Georgiev

    Last Updated Jan 2, 2021 @ 18:15

    As XRP continues to struggle in maintaining its value, a petition has surfaced online in an attempt to force the hand of the White House on the SEC-Ripple fiasco.

    Things are not looking great for Ripple and its XRP cryptocurrency. In a day where the total market cap managed to add a whopping $60 billion as bitcoin charts a staggering 11% increase, XRP is down 5% in the past 24 hours.

    In what looks like an interesting development, a group of supporters is trying to force the hand of White House on the allegations made by the Securities and Exchange Commission.

    XRP Supporters File a Petition to the White House

    An interesting petition titled We the People ask the federal government to deem XRP, the virtual currency, a currency, has surfaced online, collecting signatures from Ripple supporters.

    Describing the case, the petition argues that the United States Securities and Exchange Commission (SEC) has “filed a frivolous action claiming the cryptocurrency, XRP, which has already been deemed a currency by FinCEN, to be a security.”

    The document goes further to explain that:

    ADVERTISEMENT

    “Due to this action, the 40 billion dollar market for the currency is rapidly failing as companies scramble to maintain complianc. Billions of dollars of value is being wiped from the market in rapid succession and most critically, hundreds of thousands of ordinary Americans – the very Americans that the SEC is tasked to protect – are suffering irreparable harm and damages.”

    The petition has been created by someone using the initials J.W. on December 29, 2020. It needs 100,000 signees to get a response from the White House, and so far, over 11,500 people have signed it.

    The ultimate ask is for the White House to “cease immediately” the SEC complaint as it is “damaging to the holders of the currency XRP.”

    The overall tone of the petition sounds much like the official position of Ripple. As CryptoPotato reported, the company stated that the “unproven allegations against Ripple” have already harmed “countless innocent retail holders with no connection” to the company.

    The Story So Far

    XRP has lost a major chunk of its value, somewhere in the magnitude of around 70%, since the SEC pressed formal charges in late December.

    There’s a pretrial conference that’s set to take place on February 22nd, 2021, between the Commission and Ripple. However, it appears that the damage has already been done for many investors because the price has plummetted so much.

    As a direct consequence, many major exchanges took almost immediate actions and delisted (or announced plans to delist) the cryptocurrency from their platforms. Some of the more notable names include Coinbase – the leading US-based cryptocurrency exchange, Binance US, as well as Bitstamp.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • BradGarlinghouse
      Ripple SEC Charges Attack All Cryptocurrencies, Says Company's CEO
    • ripple
      The Exchanges That Delisted XRP Following The Ripple SEC Lawsuit
    • XRP dump Ripple
      XRP Selloff Intensifies as Industry Leaders Lament Ripple Demise
    Tags: Ripple SEC United States
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over two years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

  • bitcoin
    BTC$24,339.00
  • ethereum
    ETH$1,937.70
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    Will New Tokens be Airdropped to ETH Holders After Ethereum’s Hard Fork?

    Will New Tokens be Airdropped to ETH Holders After Ethereum’s Hard Fork?

    Cardano’s Vasil Hard Fork Explained: What to Expect from the Major Upgrade?

    Cardano’s Vasil Hard Fork Explained: What to Expect from the Major Upgrade?

    Users in Web3 Will Do a lot More Than Just Trade Crypto: Cronos’ Ken Timsit (Interview)

    Users in Web3 Will Do a lot More Than Just Trade Crypto: Cronos’ Ken Timsit (Interview)

    Institutions Are Starting to Buy Back: Interview with Nansen

    Institutions Are Starting to Buy Back: Interview with Nansen

    Top 5 Most Common Scams Related to Ethereum 2.0

    Top 5 Most Common Scams Related to Ethereum 2.0

    What is the Merge? What You Need to Know About the Transition to Ethereum 2.0

    What is the Merge? What You Need to Know About the Transition to Ethereum 2.0

    These are the Bear Market Benefits, and the Future of NFTs: DappRadar CEO (Interview)

    These are the Bear Market Benefits, and the Future of NFTs: DappRadar CEO (Interview)

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!