XRP Loyalist Files Petition to New SEC Chairman to “end the war on XRP”

8 April 2021 | Updated: 8 April 2021

An XRP enthusiast, Thomas Hodge, has initiated a petition on Change.org charging the SEC Chairman-designate Gary Gensler to “end the war on XRP.” Gensler is President Joe Biden’s appointee to head the US Securities and Exchange Commission following the end of Jay Clayton’s tenure as SEC Chairman.

The petition narrates that:

“We’re asking Gary Gensler, as soon as is confirmed as Chairman of the SEC, to take a close look at the SEC’s allegations against Ripple Labs, its cofounders, and the harm the SEC’s actions have already – and needlessly – caused to holders of the digital currency XRP.”

The Commission filed a lawsuit against Ripple Labs and its founders, Brad Garlinghouse and Christian Larsen, in December 2020, accusing them of selling illegal tokens. The SEC alleges that the sale of $1.3 billion worth of XRP was made without proper compliance with federal securities laws.

The petition also urged the incoming Chairman to take out time and have a meeting with XRP holders, to understand the true meaning of defending investors at the SEC.

SEC Chairman-designate Gary Gensler.

The petition also requested Gensler to:

“End the Ripple lawsuit and stop the SEC from making up cryptocurrency rules through lawsuits in place of writing these rules properly, with public input and partnership with the US Congress.”

Allegations Against Former SEC Boss
Thomas Hodge’s petition also requested that the SEC Inspector General look into the last-minute decision to file a lawsuit against Ripple by the former SEC boss on his last day in office, alleging that it was done in bad faith. The petition alleged that Clayton and SEC Director of Corporate Finance William Hinman have financial interests in Bitcoin and Ethereum and had close ties with FinTech businesses in China.

In conclusion, the petition demanded that:

“Gary Gensler must end this practice of making policy through lawsuits, sit down with XRP holders themselves and listen to their stories. We want clear rules for everyone, not another SEC chairman picking winners and losers in a regulatory vacuum. And we demand an investigation that fully clarifies whether the SEC was protecting someone else’s interests instead of retail investors when the Ripple lawsuit was filed in December 2020.”

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.