TL;DR

- The SEC has appealed Judge Torres’s recent ruling, leading to a sharp drop in XRP’s price.

- The XRP community launched a petition against the SEC's appeal, but it lacks the legal power to halt the ongoing legal process.

The XRP Community is Not Pleased

The nearly four-year legal battle between Ripple and the US Securities and Exchange Commission (SEC) has seen significant developments in recent months. A pivotal moment came with Judge Torres’s ruling in August, which stated that the sales of XRP on secondary markets to retail investors did not constitute securities transactions. However, she ordered Ripple to pay $125 million for violating certain securities laws.

Ripple appeared satisfied with the decision, as the penalty was a 94% reduction from the SEC’s initial request of $2 billion. Many speculated that the SEC would appeal, and they did just that.

This news prompted a sharp decline in XRP’s price and dissatisfaction from the community. In response, the XRP Army initiated a petition titled “**Stop the SEC’s Unnecessary and Frivolous Appeal in the Ripple v. SEC Case.**” The main aim of the petition is to amplify their voices.

> “The plea here is straightforward – stop the SEC’s baseless appeal in the Ripple v. SEC final judgment. The ramifications of this case extend beyond just Ripple and its stakeholders. It’s a matter of principle that goes to the very foundations of digital currency regulations. We must protect the interest of all digital currency enthusiasts worldwide inspired by the prospects of a decentralized financial future,” the petition reads.

As of now, over 8,300 people have signed it, with 569 individuals joining in the past 24 hours. The goal is to reach 10,000 signatures.

#### Can the Petition Stop the Appeal?

It’s important to note that the legal process operates independently of public opinions and petitions. Therefore, the community's initiative does not hold legal power to directly intervene or stop judicial proceedings. However, it can help raise awareness and draw additional attention to the case.

The post Ripple v. SEC Lawsuit Update: October 8th appeared first on CryptoPotato.

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