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- The community surrounding the native token for the San Francisco-based blockchain company ripple has recently been pestering the United States government in order to recognise that open as a cryptocurrency.
- In order to achieve this goal, the community has started a petition which has already amounted to more than 20,000 signatures.
The community surrounding the native token for the San Francisco-based blockchain company Ripple has recently been pestering the United States government in order to recognise that open as a cryptocurrency. In order to achieve this goal, the community has started a petition which has already amounted to more than 26,205 signatures.
For a long time now, the securities and exchange commission in the US has been of the opinion that the token is not a currency but rather security.
Many people within the Ripple community will have a different perspective on this of course and have said that the token is just the same as bitcoin and ethereum. This case has been made for a long time now and last month, the commission slapped the company with an official lawsuit.
This lawsuit was filed against the chief executive officer of the company and co-founder, Brad Garlinghouse and Chris Larsen respectively. The lawsuit claims that the company and its executives have been boosting the price of the token and have made more than $1.5 billion in profits because of it.
The CEO of Ripple has claimed that the lawsuit is not just a fight against the company but the entire cryptocurrency industry. Due to a lack of clear regulations for the crypto space, he said that the company is determined to fight the case in order to get justice for the company and the space.
As a result of the lawsuit going viral throughout crypto Twitter, many big platforms took the token off of the network. Coinbase included.
It will be interesting to see how this lawsuit plays out and whether Ripple will come out on top in the end.
This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.