Crypto & Policy founder Thomas Hodge has started a petition on Change.org geared toward the chairman of the Securities and Exchange Commission, Gary Gensler. In it, Hodge asked him to end the SEC’s lawsuit against Ripple after he was confirmed as chairman of the commission.
The Ripple community has launched a new petition to stop the war on XRP
Crypto & Policy has called on Gensler to investigate the potential motives of former SEC chairman Jay Clayton and his chief corporate finance officer William Hinman for favoring Bitcoin and Ether while having a negative attitude towards XRP.
The lawsuit alleges that Clayton and Hinman may have a financial interest in Bitcoin and Ether:
“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 alleged that Hinman received millions of dollars in payments from the law firm of Simpson Thacher, a member of the Ethereum Enterprise Alliance. The lawsuit claims that Hinman collects checks from the company while the company collects fees to support the Chinese crypto mining giant Canaan’s initial public offering.
XRP advocates have outlined the state of altcoin regulation uncertainty, saying that Clayton spent four years in his tenure without giving clear feedback on whether XRP is a security.
“But on his final day in office, Clayton had his SEC file a massive lawsuit against Ripple, claiming it had sold XRP as 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 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 gathered around 1,600 signatures out of a total of 2,500 signatures. The SEC filed a lawsuit against Ripple Labs, as well as CEO Brad Garlinghouse and co-founder Christian Larsen on December 22, 2020, alleging that XRP is an unregistered securities service worth $ 1.3 billion.
Amidst the ongoing legal battle, a US court granted Ripple Labs access to SEC documents identifying crypto assets as securities in early April. XRP crossed the $ 1 mark for the first time since March 2018. The latest price mark is still far from the all-time high of over $ 3 recorded in January 2018.