As Ripple prepares for court, XRP enthusiasts are rallying around a petition that is asking the SEC chair nominee Gary Gensler to drop the lawsuit alleging that the blockchain payments firm conducted a $1.3 billion sale of an unregistered securities offering after his official confirmation as the agencys chairman.
The petition launched on Change.org by Crypto & Policy founder Thomas Hodge, entitled Gary Gensler: End the War on XRP was officially announced on April 7. The petition calls on Gensler to scrutinize the SECs accusations against Ripple and the damage that the regulators enforcement action has done to XRP retail holders when it sent its price spiraling and forced trading platforms to delist the token.
The petition also asks Gensler to investigate the present and past relationships of the former SEC Chairman Jay Clayton and former SEC Director of Corporate Finance William Hilman and the U.S., China, and other nations which could help inform why the last-minute lawsuit was brought against Ripple. The petition argues that the pair could have had financial motives behind their bitcoin and ethereum declarations.
In particular, Hodge pointed to the millions of dollars that Hinman received from the Simpson Thatcher law firm which is a member of the Ethereum Enterprise Alliance during his tenure at the SEC. He supposedly collected checks from the firm while it raked gargantuan fees from supporting the IPO of Chinese mining company Canaan.
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.