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New petition asks SEC chair nominee Gary Gensler to drop Ripple lawsuit

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The Ripple group has launched a brand new petition to “stop the war” on XRP.

Crypto & Coverage founder Thomas Hodge has began a Change.org petition directed at Securities and Alternate Fee chair nominee Gary Gensler, asking him to finish the SEC’s lawsuit towards Ripple as soon as he is confirmed as chairman of the fee.

Saying the information Wednesday, Crypto & Coverage referred to as on Gensler to examine the potential motives of former SEC chair Jay Clayton and his SEC Director of Company Finance William Hinman for “favoring” Bitcoin (BTC) and Ether (ETH) whereas harming XRP. The petition alleges that Clayton and Hinman may have had monetary pursuits in Bitcoin and Ether:

“While Clayton and Hinman were in office, they were asked if Bitcoin and Ether were securities. They said very clearly, on the record: no they are not securities so keep trading them. They both took money from companies with direct or clear indirect interest in those public statements.”

Hodge additional alleged that Hinman “received millions of dollars in payments” from the regulation agency of Simpson Thacher, which is a member of the Ethereum Enterprise Alliance. The petition claims that Hinman “collected checks from the firm” whereas the agency earned charges supporting the preliminary public providing of Chinese language crypto mining big Canaan.

The XRP advocate outlined the unsure regulatory standing of the altcoin, stating that Clayton spent 4 years of his tenure with out offering a transparent response on whether or not XRP was a safety. Hodge continued:

“But on his final day in office, Clayton had his SEC file a massive lawsuit against Ripple, claiming it had sold XRP as an illegal unregistered security for seven years. […] The SEC alleged that Ripple and all holders of XRP should have known for the last seven years that XRP was a security when the SEC itself repeatedly said it didn’t know it until the day it filed the lawsuit in December 2020.”

On the time of writing, the web petition has collected about 1,600 signatures out of its aim of two,500.

As beforehand reported by Cointelegraph, the SEC filed a lawsuit towards Ripple Labs, in addition to its CEO Brad Garlinghouse and co-founder Christian Larsen on Dec. 22, 2020, alleging that XRP was a “$1.3 billion unregistered securities offering.”

Amid the continued authorized battle, a U.S. court docket granted Ripple Labs entry to the SEC’s paperwork on defining crypto belongings as securities in early April. 

Earlier this week, the worth of XRP crossed the $1 mark for the primary time since March 2018. The most recent worth milestone continues to be removed from its all-time excessive of above $3 recorded in January 2018.

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