On December 29, 2020, a new petition was published on the petitions.whitehouse.gov site.
It addresses the Federal Government of the US and requests that XRP is deemed a currency.
The paper relates to the latest legal proceedings by the US Securities and Exchange Commission against Ripple, which says that its native XRP coin is a security that has not been registered by institutional and individual investors for seven years.
The litigation filed by the SEC, the petition adds, adversely affected the XRP market and pushed the market capitalisation valuation of XRP from $40 billion to $10.3 billion in just a few days.
This also made XRP lose its top three spot, allowing Tether’s USDT stablecoin to claim it, moving XRP to rank four.
Numerous crypto exchanges have been delisting XRP with the intention of ensuring conformity, including trading behemoths such as Coinbase, Bittrex and Binance US.
All this allows ordinary American investors to suffer financial losses and is triggered by the SEC, according to the paper, although FinCEN has already defined that XRP is a currency.
Image via petitions.whitehouseSo far, the document has collected 9,174 signatures. By January 28, a total of 100,000 people need to sign it in order to get a response from the White House.
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