A number of XRP holders have filed a mandamus petition against the SEC in the US District Court of Rhode Island. The petition is a reaction to the SEC’s proceedings against cryptocurrency platform Ripple, its CEO, and its chairman, for illegally selling unregistered securities worth $1.3 billion.
According to the petition, the SEC’s enforcement action “knowingly and intentionally caused multibillion-dollar losses to innocent investors”.
It claims XRP is not a security, but a currency.
“Japan, Singapore, the U.K., Switzerland and the UAE have all declared XRP to be a non-security. XRP is declared a non-security according to Japan’s Financial Services Agency,” the petition added.
The full text of the petition, filed on Jan. 1, 2021, is available here.