XRP stakeholders petition against Ripple lawsuit

A recent lawsuit filed against Ripple has prompted stakeholders to sign a petition and file it to the White House for support.

While Bitcoin's pricing has been on an upward trajectory, Ripple has been in a world of pain brought on by a lawsuit filed by the US Securities and Exchange Commission (SEC), which argues that Ripple has been complicit with unregistered securities offerings.

Put another way, Ripple is facing a lot of trouble, prompting the company's executive staff to relocate outside of the US. With the prospects dim, XRP stakeholders have started a new petition that will seek to have the White House on its side.

The petition has gathered 10,000 signatures and is still gaining momentum. But are the voices of 10,000 people enough to sway the White House their way and rally it against one of the biggest financial regulators in the country?

While proponents of XRP are all for calling the lawsuit frivolous, even the person who's created the petition is identified only by his initials, “J.W.” Not reacting to the lawsuit, though, puts Ripple at serious risk.

With cryptocurrencies not reacting kindly to legal action, Ripple may be cut off from one of its main markets, losing hope to establish ground in the US at a time when PayPal is now going to legitimately offer cryptocurrencies to vendors.

Instead of antagonizing SEC, though, Ripple should seek a way out. Stringing the lawsuit along will threaten the currency's existence, as users are already dropping liquidity and long-term investors are hesitant about Ripple's prospects.

A lawsuit may not go a long way to help that. If you are still in possession of Ripple and care about gambling, though, you will find many fantastic places to spend your currency for a great bit of fun, including BitStarz, FortuneJack, and 1xBit Casino.

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Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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