Ripple is rumored to be preparing for the next clash with the Securities and Exchange Commission (SEC) scheduled for May 21.
The trial will continue virtually, where the SEC will be able to access several legitimate documents belonging to Ripple detailing the legal advice it received some time ago.
Indirectly this was a blessing for the SEC as they had the opportunity to scrutinize past discussions between Ripple and several legislators on how XRP is regulated.
It is reported at this time that the authorities are also gathering evidence to fight Ripple’s allegations that allegedly unaware of the SEC’s warning regarding XRP’s status has violated investment policy.
But what makes Ripple's situation even worse is based on the current update on May 5, the SEC denied allegations of ownership of internal documents related to Bitcoin (BTC), Ethereum (ETH) or XRP.
The snare situation has invited outrage among the XRP community as the SEC is seen as deliberately wanting to damage Ripple’s business as well as harm its investors.
As a result, the XRP community has petitioned SEC chairman Gary Gensler to drop a lawsuit filed by the Securities and Exchange Commission (SEC) against the Ripple firm.
The petition, launched by Crypto & Policy founder Thomas Hodge on May 7, managed to collect 30,000 signatures before being sent on May 14, aimed at wanting the SEC to restructure legislation on crypto to be clearer and more transparent.
The effort also received support from John E. Deaton (CryptoLaw), Tony Edward (Thinking Crypto), Jeremy Hogan (Legal Briefs), Roslyn Layton (Forbes) and many more.
At the time of writing, XRP is trading at $ 1.37, down nearly 12% in 24 hours. The market value of XRP also declined nearly 11% to a current record of $ 48.62 billion.
