As prices fall and Ripple prepares for court, a group of XRP enthusiasts rallied over a petition that could force a White House statement on the recent SEC case in which Ripple made an unregistered security offering.
A petition filed on the White House-run We We People website, entitled “We the People are asking the federal government to consider XRP, the virtual currency, a currency,” has now crossed 10,000 signatures .
We the People, created by the Obama administration in 2011, allows users to create petitions that, once they reach 100,000 signatures within 30 days, will elicit an official response in the White House. Although many of the petitions are serious, there was more than one lark on the platform: one of the most famous petitions to build a Death Star.
The XRP petition, created by “JW”, calls on the SEC to “stop” its “frivolous” lawsuit, citing a previous FinCEN statement that XRP is a currency. The petition also refers to the rapidly declining market capitalization of XRP – an emphasis that Joshua Frank of TheTIE calls the ‘third largest collapse of all time’, as well as the ‘hundreds of thousands of ordinary Americans’ who’ cause irreparable damage and damage. ”
XRP’s market capitalization fell 93% from $ 137 billion to less than $ 10 billion. This makes the value of the XRP greater than Enron and Worldcom.
While not a bankruptcy, XRP is effectively the third biggest collapse of all time behind Lehman Brothers and Washington Mutual.
– Joshua Frank (@Joshua_Frank_) 30 December 2020
The petition is being made while Ripple is preparing for a conference before February, the first of a long and controversial legal process. After the SEC filed a lawsuit on Dec. 22, the number of major stock exchanges that XRP removed continues to grow and Ripple issued a statement urging investors and press to wait to hear the company’s side of the story. before reaching a conclusion.
As the legal process continues, petition signatories will find few options. One redditor said:
‘I feel like you could get a million signatures and that would not be a damn thing. That said, I’m signing it. ‘