In view of the filed case by SEC on Ripple over the sales of $1.3B worth of Security offerings to customers by Ripple, in the event the SEC original task is to protect the investors and the decisions they take when it comes to investments, but the reverse seems to be the case with all the allegations hovering around the SEC decision.
A petition has been published to the white house to deem XRP, the virtual currency, a currency.
The Cryptocurrency which was already deemed a currency by FinCEN is being countered by SEC to be a security.
This action by SEC has made alot of retail customers to FOMO over the recent bitcoin bull run. And also has made the third most valuable Cryptocurrency loose it's spot and over $40billion dollars in market cap has drop to about $10.3 billion as at the time of this report.
https://petitions.whitehouse.gov/petition/we-people-ask-federal-government-deem-xrp-virtual-currency-currency
As at the time of this report over 15,134 signatures has been signed by individuals and a minimum of 100,000 is needed within 30days to be able to receive an audience from the white house.
And to add to this a recent lease of petition for writ of mandamus, a statement of facts has also been released by some petitioners. Find the link below.
https://www.dropbox.com/s/xv1ep1n9sis6y5t/SEC%20Writ_01.01.21.pdf?dl=0
