The XRP Army has now escalated their fight against the U.S. Securities and Exchange Commission (SEC) with a newfound petition that is aimed at stopping the appeal of the SEC into the current Ripple lawsuit. According to the XRP Army, SEC’s actions are unnecessary and harm the overall market of cryptocurrencies because, coming in their approach, confusion and instability. They believe this contradicts the fundamental mission of the SEC: protection of investors and fair, effective markets.
The Petition Against the SEC’s Appeal
Their petition on Change.org which has now reached close to 10,000 signatures-is calling for the withdrawal of what they define as a “frivolous” and damaging appeal in the case of Ripple vs. SEC. This is after a lengthy four-year legal wrangle between Ripple and the SEC. Since then, the XRP community has continued to argue that the SEC was unduly targeting Ripple and thereby subjecting the broader market of cryptocurrencies to much instability.
In this petition, the XRP Army essentially argues that the SEC’s move to appeal makes the already convoluted legal battle much too complicated. The Army is of the opinion that such complications raise uncertainty and have a flow-through effect in the entire digital currency market; from the investors to the businesses. According to them, the role of the SEC should be to promote stability both for investors as well as financial markets. The appeal, however, is viewed as a disrupting action in the crypto space.
“The frivolous appeal by the SEC in final judgment on Ripple v. SEC adds an unnecessary layer of complexity and imparts an air of uncertainty within the digital currency market,” the petition states.
The SEC’s Appeal and Ripple Lawsuit Defense
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Official notice of its appeal against Ripple lawsuit was filed last week in the U.S. Court of Appeals for the Second Circuit. The move comes after an August judgment by a district court that the agency believes was marred by apparent serious legal errors. The ruling by the district court was in favor of Ripple for the most part, thus raising optimism in the XRP community and, indeed, in the general world of cryptocurrencies.
Instead, the mere fact that the SEC has been “indefatigable in its fight” on this issue is seen by many proponents of Ripple as an attack, not only on Ripple’s lawsuit but on the entire cryptocurrency space as well. They argue that this prolonged legal battle is a source of market instability and may have long-term implications for the further development and adoption of DeFi technologies. It’s not particularly related to Ripple, but rather concerns abound that the ruling will have far-reaching implications in this sector, potentially stifling innovation and growth.
The petition established that the XRP Army views an appeal as a threat to the general market and calls on the SEC to rethink its stance. Instead, by appealing, the SEC is said to contradict its purported mission of protecting investors. Long-drawn litigation ought to cause hardships for both Ripple’s lawsuit and the average investor.
Long-Term Impact on the Cryptocurrency Sector
For the XRP Army and crypto enthusiasts around the world, the appeal by the SEC marks a step in the wrong direction. They say that the Securities and Exchange Commission must get to work on developing proper guidelines for the crypto industry and not indulge in litigation that only continues to extend in increasing uncertainty. The petition describes how this uncertainty is detrimental not only to companies like Ripple but also to millions of investors who hold digital assets.
As the petition states, “The plea here is simple – stop the baseless appeal of the SEC in the final judgment of Ripple v. SEC. The repercussions of this case extend far beyond Ripple lawsuit and its stakeholders.”.
The XRP Army, additionally, argues that the SEC’s moves actually work against the development of the crypto market and cause undue damage to individual investors. According to them, a resolution of the case in which this court battle over the affair ends would return stability to the cryptocurrency sector and lay the groundwork for stronger and clearer regulations in the future.
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