New petition calls on SEC presidential candidate Gary Gensler to drop Ripple lawsuit

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The Ripple community has started a new petition to “stop the war” on XRP.

Crypto & Policy founder Thomas Hodge has started a petition on Change.org addressed to candidate for Securities and Exchange Commission chairman Gary Gensler asking him to end the SEC lawsuit against Ripple once he will be confirmed as chairman of the committee.

Announce Crypto & Policy on Wednesday called on Gensler to investigate the potential motives of former SEC Chairman Jay Clayton and his SEC Corporate Finance Director William Hinman for ‘favoring’ Bitcoin (BTC) and Ether ( ETH) while harming XRP. The petition alleges that Clayton and Hinman may have had financial interests in Bitcoin and Ether:

“While Clayton and Hinman were in power, they were asked if Bitcoin and Ether were securities. They said very clearly, officially, no, these are not securities, so keep trading them. They both took money from companies with a clear direct or indirect interest in these public statements. “

Hodge further alleged that Hinman “received millions of dollars in payments” from the law firm Simpson Thacher, which is a member of the Ethereum Enterprise Alliance. The petition claims that Hinman “collected checks from the company” while the company collected a fee to support the initial public offering by Chinese crypto-mining giant Canaan.

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The XRP lawyer described the uncertain regulatory status of altcoin, stating that Clayton spent four years of his tenure without providing a clear answer that XRP was a security. Hodge continued:

“But on the last day of his tenure, Clayton asked the SEC to file a massive lawsuit against Ripple, claiming he had sold XRP as illegal unregistered security for seven years. […] The SEC alleged that Ripple and all holders of XRP should have known in the past seven years that XRP was a stock when the SEC itself has repeatedly stated that it did not know until one day it did. filed the lawsuit in December 2020. “

At the time of writing, the online petition has garnered approximately 1,600 signatures on its goal of 2,500.

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As previously reported by TBEN, the SEC filed a lawsuit against Ripple Labs, as well as its CEO Brad Garlinghouse and co-founder Christian Larsen on December 22, 2020, alleging that XRP was an “unregistered securities offering of $ 1.3 billion. of dollars”.

Amid the ongoing legal battle, a U.S. court granted Ripple Labs access to SEC documents on defining crypto assets as securities in early April.

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