It has not been long since the U.S. SEC has filed a lawsuit against Ripple, claiming that XRP is a security. In response to this, the XRP community has started a petition in which they are asking the U.S. government to recognize XRP as a cryptocurrency and not a security. The petition already had 2,100 signatures on it, and this number will keep on increasing.
This is not the first time that the SEC has claimed XRP to be a security as it has said this before as well. However, as per the XRP community, XRP is a normal cryptocurrency that is more like Bitcoin and Ethereum.
Despite the previous attempts, Ripple was not affected by the SEC claims, however, the recent lawsuit is causing major troubles to the firm. It has been seen that a lot of crypto exchanges have either suspended or delisted XRP from their platforms until the result will come. The lawsuit is not only against Ripple but two of its top executives as well, which includes Chris Larsen, co-founder of Ripple and Brad Garlinghouse, CEO of Ripple. Through filing this petition, it is quite clear that the XRP community is trying to protect Ripple in this lawsuit.
Garlinghouse has claimed that there is not any kind of regulatory clarity in the U.S. and he believes this to be the major cause. He said that through this lawsuit, the SEC is also attacking the entire crypto space. This also includes the innocent XRP holders and the SEC is meant to protect them and not attack them. This lawsuit had a major impact on the XRP’s price as it dipped below $0.2. Delisting by various crypto exchanges have contributed to this price decline and will continue to decline if the SEC does not take this lawsuit back.