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XRP Community Launches Petition to The White House to Deem XRP a Currency

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Sat, 01/02/2021 - 11:39
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Yuri Molchan
XRP community have launched a petition to the US federal government, requesting for an official recognition of XRP as a currency
XRP Community Launches Petition to The White House to Deem XRP a Currency
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On December 29, 2020, a new petition was published on the petitions.whitehouse.gov site.

It addresses the Federal Government of the US and requests that XRP is deemed a currency.

The document mentions the recent legal action by the US Securities and Exchange Commission against Ripple that claims its native coin XRP to be a security that has not been registered by sold to institutional and retail investors in the course of seven years.

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The lawsuit initiated by the SEC, the petition goes on, has impacted the XRP market negatively and has pushed XRP market capitalization value from $40 billion to $10.3 billion within just several days.

This also made XRP lose its top three spot, allowing Tether’s USDT stablecoin take it, pushing XRP to position four.

Numerous crypto exchanges have been delisting XRP, in order to maintain compliance, including such trading behemoths as Coinbase, Bittrex and Binance US.

All this is making ordinary American investors suffer financial losses and they are caused by the SEC, the document says, while FinCEN has already established that XRP is a currency.

XRP
Image via petitions.whitehouse

So far, the document has collected 9,174 signatures. By January 28, a total of 100,000 people need to sign it in order to get a response from the White House.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.