An XRP attorney petitioned Gary Gensler, the candidate for chairman of the United States Securities and Exchange Commission, asking him to end the lawsuit against Ripple if he is confirmed as the new chairman.
Thomas Hodge Urges Gary Gensler to Drop Ripple Lawsuit
The Ripple community has launched a new petition to “stop the war on XRP”.
Crypto & Policy founder Thomas Hodge has launched a Change.org petition against Gary Gensler, nominee for chairman of the Securities and Exchange Commission, asking him to end the SEC’s response to Ripple once he becomes chairman for litigation has been confirmed.
Crypto & Policy announced the news on Wednesday, calling on Gensler to investigate the possible motives of former SEC chairman Jay Clayton and his SEC finance director William Hinman for “preferring” Bitcoin (BTC) and Ether (ETH) to XRP damage. The petition says Clayton and Hinman could have had a financial interest in Bitcoin and Ethereum:
“While Clayton and Hinman were in office, they were asked if Bitcoin and Ether were securities. They said very clearly, on the record: no they are not securities so keep trading them. They both took money from companies with direct or clear indirect interest in those public statements.”
Hodge also claimed that Hinman had “received millions in payments” from the law firm Simpson Thacher, a member of the Ethereum Enterprise Alliance. The petition states that Xinman “received checks from the company” and that the company earned fees to support the IPO of Chinese cryptocurrency mining giant Canaan.
XRP proponents outlined the uncertain regulatory status of altcoins, pointing out that during his four-year tenure, Clayton hadn’t given a clear answer on whether or not XRP was safe. Hodge continued:
“But on his final day in office, Clayton had his SEC file a massive lawsuit against Ripple, claiming it had sold XRP as an illegal unregistered security for seven years. […] The SEC alleged that Ripple and all holders of XRP should have known for the last seven years that XRP was a security when the SEC itself repeatedly said it didn’t know it until the day it filed the lawsuit in December 2020.”
At the time of writing, the online petition has collected 1,600 signatures and its target is 2,500.
As previously reported, the SEC filed a lawsuit against Ripple Labs and its CEO Brad Garlinghouse and co-founder Christian Larsen on December 22, 2020, alleging that XRP was an “$1.3 billion unregistered securities offering.”
In the ongoing litigation, the US court granted Ripple Labs access to SEC documents in early April that define crypto assets as securities.
Earlier this week, the price of XRP crossed the $1 mark for the first time since March 2018. The latest price milestone is still a long way from its all-time high of $3 in January 2018.