Update on Ripple’s lawsuit against SEC on October 8

TL;DR

The SEC appealed the recent ruling by Judge Torres, causing a sharp drop in the price of the asset. The XRP community launched a petition against the SEC’s restraint, but it does not have the legal power to stop the ongoing legal process. The XRP community is not happy

The nearly four-year legal battle between Ripple and the US Securities and Exchange Commission (SEC) has seen numerous updates in recent months. A key development was Judge Torres’ ruling in August, which determined that sales of XRP on secondary markets to retail investors did not constitute securities transactions. However, it ordered Ripple to pay $125 million for violating certain securities laws.

The company appeared pleased with the decision, considering the penalty represented a 94% reduction from the SEC’s initial request of $2 billion. That is why many thought that the Commission would appeal and, surely, it did.

The news was followed by a sharp drop in the price of the token and dissent from the community. The XRP Army even created a petition called “Stop the SEC’s Unnecessary and Frivolous Appeal in the Ripple v. SEC Case.” The main focus of the effort is “voices to be heard”.

“The motive here is simple: to stop the SEC’s meritless appeal of the Ripple v. SEC final ruling. The ramifications of this case extend beyond Ripple and its stakeholders. It’s a matter of principle which goes to the basics of digital currency regulations.

We must protect the interests of all digital currency enthusiasts around the world inspired by the prospect of a decentralized financial future,” the petition reads.

So far, more than 8,300 people have signed it, and 569 people have joined the effort in the last 24 hours. The total goal is to reach 10,000 signatures.

Can the petition stop the appeal?

It is worth noting that the legal process works independently of public opinions and requests. As such, the community initiative does not have the legal power to directly intervene or stop court proceedings.

On the other hand, it can increase awareness and bring additional attention to the process.

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