After petitions, online campaigns, and even plans to increase prices, the XRP community continues to rally behind Ripple. On Friday, many of them went ahead and protested outside the SEC headquarters. They called on the US Securities and Exchange Commission to “end the war on cryptocurrencies”.
Ripple Versus SEC Lawsuit
For the past few months, the XRP community has been imperial. Meanwhile, Ripple, the company behind the XRP token, has been fighting a lawsuit with the SEC, which claims XRP is a security. In the past few months, the lawsuit against Ripple has had enormous consequences.
First, this case resulted in many cryptocurrency exchanges, mainly in the US, delisting XRP. This created a huge market and at the time it triggered panic selling. As a result, the token lagged behind its peers, whose record results have largely impressed their peers over the past few months.
Additionally, Ripple has lost and worked hard to strike new agreements with strategic partners to encourage the adoption of XRP. Similarly, the company and even its community have seen a lot of effort and resources in legal proceedings, and to some extent gained, rather than evolving around the advancement of Ripple and XRP.
One of them is Ripple’s listing on the stock exchange. CEO Brad Garlinghouse confirmed in an interview a few days ago that the company has plans to go public but the court case, which is the only major factor hindering its listing.
The XRP Community Started a Protest
This situation and the latest developments across the industry have sparked discussions about crypto regulations or lack of regulations. In fact, in some instances, this case is viewed not only as an attack on Ripple but also as a SEC winner by the wider community, which can set a precedent that can have a significant impact on other coins. A significant segment of the community believes that the current time for the lawsuit is the rarest in the industry. It was chaired by former SEC chairman Jay Clayton, who is interested in shutting down Ripple and XRP and strengthening Bitcoin and Ethereum.
Among the protesters outside SEC headquarters, many held up signs asking the SEC to investigate Jay Clayton’s alleged conflict of interest. Other signs include “Stop Crypto Hypocrisy”, “Cryptocurrency is not a crime”, “XRP is not a security” and “XRP 4 Life”.
Images shared online showed that few people participated in the protests in one of the largest crypto communities. While most people applaud their efforts, other protests are likely to be organized to attract more audiences.
