A major community effort is underway to get an official response from the White House.
As the price of the token plummets and Ripple prepares for trial, a group of XRP enthusiasts have joined in to create a petition that may force a statement from the White House on the recent SEC filing alleging that Ripple made an unregistered securities offer.
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A petition on the We the People website, administered by the White House, entitled „We the People ask the federal government to consider XRP, the virtual currency, a currency“, has gathered 10,000 signatures.
Created by the Obama administration in 2011, We the People allows users to create petitions that, upon reaching 100,000 signatures within 30 days, will result in an official response from the White House. Although many of the petitions are serious, the platform has been home to more than one joke: one of the most famous petitions called for the construction of a Death Star.
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XRP’s petition, created by „J.W.“, calls on the SEC to „cease“ its „frivolous“ demand, referring to a prior determination by FinCEN that XRP is a currency. The petition also refers to the rapid deterioration of XRP’s market capitalization, a decline that TheTIE’s Joshua Frank has called „the third largest collapse of all time“, as well as the „hundreds of thousands of ordinary Americans“ who are „suffering irreparable damage“.
XRP’s market capitalisation has fallen by 93% from USD 137 billion to less than USD 10 billion. This makes the value of XRP’s collapse greater than Enron and Worldcom.
Although not a bankruptcy, XRP is effectively the third largest collapse of all time behind Lehman Brothers and Washington Mutual.
This effort comes as Ripple prepares for a pre-trial conference in February, the first in what may prove to be a long and contentious legal process. Following the SEC filing on 22 December, the number of exchanges that have removed XRP from their platforms continues to grow, and Ripple has issued a statement encouraging investors and the press to wait to hear the company’s side of the story before reaching a conclusion.
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As the legal process moves forward, petition signatories are left with few options. said a redditor:
„I feel you could get a million signatures and it wouldn’t help. That said, I signed it.