The XRP Army is stepping up its efforts to challenge the U.S. Securities and Exchange Commission’s (SEC) appeal in its lawsuit against Ripple, calling it unnecessary and damaging to the cryptocurrency market. XRP supporters claim that the SEC’s actions create instability in the cryptocurrency sector, directly contradicting the agency’s mission.

XRP Army Petition Calls on SEC to End ‘Fakeless’ Appeal in Ripple Lawsuit

XRP Army launched a petition on Change.org last week, calling on the U.S. Securities and Exchange Commission (SEC) to drop its appeal in Ripple’s lawsuit against the SEC. The petition has gathered nearly 10,000 signatures at the time of writing.

The petition highlights a four-year battle with the SEC, in which Ripple supporters have fought to defend the company’s legitimacy. According to the XRP Army, the SEC’s actions are contrary to its mission of protecting investors and ensuring fair markets. Instead, the ongoing appeal is said to have caused confusion and instability in the cryptocurrency sector. The petition states:

The SEC’s frivolous appeal in the final ruling of Ripple v. SEC has added an unnecessary layer of complexity and created an atmosphere of uncertainty in the cryptocurrency market.

Last week, the SEC filed a formal appeal against Ripple with the U.S. Court of Appeals for the Second Circuit. The move follows a district court ruling in August, which the SEC said contained significant legal errors.

Ripple supporters believe that the SEC’s continued legal actions create unnecessary uncertainty that not only affects Ripple but also the entire cryptocurrency sector, with potential long-term implications for the development of decentralized finance (defi). The group asserts that ending this appeal is crucial to ensuring stability in the market. The petition calls on the SEC to reconsider, stating that the outcome of the case could set a precedent for future cryptocurrency regulation.

XRP Army argues that the SEC’s decision to continue its legal battle creates unnecessary hardship for individual investors, which goes against the commission’s purpose. The petition explains:

The plea here is simple – stop the SEC’s baseless appeal of the final judgment in Ripple v. SEC. The consequences of this case are not limited to Ripple and its stakeholders.

What do you think about the XRP Army’s petition opposing the SEC’s appeal in the Ripple lawsuit? Do you think the SEC will reconsider? Share your thoughts in the comments.
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