The fate of XRP, the native cryptocurrency of the San Francisco-based remittance payments firm, is still undecided. But the holders of XRP want the federal government of the United States to officially regard the fourth-ranked digital currency as a currency instead of referring it to as security.
A petition has been filed by the XRP community to the White House in which the investors of XRP have requested the federal government to take a decision in favor of XRP. They want the government to declare Ripple’s native cryptocurrency officially as a currency.
The community seeks a legal action by the federal government against the lawsuit filed by the United States Securities and Exchange Commission (SEC) against Ripple. Through this petition, they are calling for the SEC to put an end to its lawsuit against Ripple and they have, therefore, asked the federal government to step into this matter and show response over it. As per the petition of XRP enthusiasts, the fourth-largest cryptocurrency should be deemed officially as a currency.
They have also cited FinCEN in the petition as well saying that it has already made its decision in favor of XRP while declaring it as a currency. And they want the US federal government to do the same. Those who have filed this petition have also claimed that this lawsuit of the SEC has affected the interests of investors in a negative way.
This petition filed by the XRP community appeared on the 29th of December on White House’s We the People site. So far now, the petition has been able to witness around 10,000 signatures for the document. However, with this number of signatures, investors cannot urge the government for its response. As their motive is to get a response from the federal government, they need 100,000 signatures for this purpose. And they have to do that within the duration of thirty days. If they are unable to do so, they might not be able to prompt the government for its response.
Meanwhile, the lawsuit battle of SEC and Ripple has already caused XRP to go through a lot of damage. Several top digital currency exchanges have announced to delist the coin from their platforms. Moreover, the digital token is also suffering in terms of price value as well and is currently trading in the bearish zone.