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

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

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

The Ripple community has released a new petition to end the war on XRP.

Crypto & Policy founder Thomas Hodge has submitted a petition to SEC presidential candidate Gary Gensler, asking him to end the SEC’s pursuit of Ripple once he is confirmed in office.

In breaking news on Wednesday, Crypto & Policy asked Gensler to investigate the possible motives of former SEC Chairman Jay Clayton and his corporate finance director William Hinman for favoring Bitcoin (BTC) and Ether (ETH) over XRP. The petition alleges that Clayton and Hinman had financial interests in Bitcoin and Ether:

When Clayton and Hinman were in office, they were asked if bitcoin and Ether were securities. You said it very clearly on the record: No, they’re not titles, so keep trading them. Both have taken money from companies that apparently have a direct or indirect interest in these public statements.

Hodge also said Hinman has received millions of dollars in payments from law firm Simpson Thacher, which is a member of the Ethereum Enterprise Alliance. The petition alleges that Hinman received checks from the company while receiving fees for the IPO of Chinese cryptocurrency mining giant Canaan.

One XRP proponent pointed to the altcoin’s uncertain regulatory status and said Clayton has spent four years of his tenure without providing a clear answer to the question of whether XRP is collateral. Hodge continued:

But on his last day in office, Clayton filed a massive lawsuit against Ripple with the Securities and Exchange Commission, alleging that he sold XRP as an illegal and unregistered security for seven years. […] The SEC argued that Ripple and all XRP holders should have known for the past seven years that XRP was a security, while the SEC itself repeatedly stated that it did not know until the day it filed a lawsuit in December 2020.

So far, the online petition has collected about 1,600 of the 2,500 signatures.

As previously reported in Cointelegraph, the SEC announced on 22. December 2020 filed a lawsuit against Ripple Labs, as well as its CEO Brad Garlinghouse and co-founder Christian Larsen, alleging XRP offered $1.3 billion in unregistered securities.

As part of the ongoing litigation, in early April a US court granted Ripple Labs access to SEC documents defining crypto assets as securities.

Earlier this week, the XRP price broke through the $1 mark for the first time since March 2018. The latest price milestone is still far from the all-time high of over $3 recorded in January 2018.

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