The Ripple community has filed a new petition to “stop the war” on XRP.
Crypto & Policy founder Thomas Hodge has filed a petition on Change.org against Gary Gensler, the SEC Chairman’s nominee, asking him to end the SEC’s lawsuit against Ripple once he confirms as chair of the committee.
Crypto & Policy announced the news on Wednesday, urging Gensler to investigate the possible motives of former SEC chief Jay Clayton and SEC’s director of corporate finance William Hinman for “prioritizing” bitcoin (BTC) and ether (ETH), leading to Destroying XRP. The petition claims that Clayton and Hinman may have had financial interests in Bitcoin and Ether:
“While Clayton and Hinman were in the office, they were asked if Bitcoin and Ether were securities. In the mail, they answered very clearly: No, these are not securities, so keep trading them. They both take money from companies with direct or direct access. … a clear indirect interest in public statements.
Hodge also said Hinman “received millions of dollars in payments” from law firm Simpson Thacher, a member of the Ethereum Enterprise Alliance. The appeal alleges that Hinman “collected checks from the company,” while the company received a commission that supported the first public offer of Chinese mining giant Canaan.
The XRP attorney clarified the ambiguous regulatory situation for altcoin, saying that Clayton spent four years in his mandate without giving a clear answer as to whether XRP was a safety or not. Follow Hodge:
“ But on the last day in office, the Clayton SEC filed a major lawsuit against Ripple, claiming that it sold XRP as an illegal seven-year unregistered security. […] The SEC said Ripple and all of its holders XRP should know XRP as collateral over the past seven years, when the same SEC has repeatedly stated that it was not aware of this until lawsuit day in December 2020 of the year. ”
At the time of writing the electronic petition, around 1,600 signatures have been collected.
As Cointelegraph previously reported, on December 22, 2020, the SEC filed a lawsuit against Ripple Labs, as well as CEO Brad Garlinghouse and co-founder Christian Larsen, claiming that XRP was an “unregistered offer of $ 1.3 billion in securities.”
In the midst of ongoing lawsuits in early April, a US court granted Ripple Labs access to SEC documents identifying cryptocurrencies as securities.
Earlier this week, XRP crossed the $ 1 mark for the first time since March 2018. The latest price tag is still far from the high above $ 3 recorded in January 2018.