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Ripple’s XRP Relist Campaign Gathers Steam on Twitter
The hashtag “RelistXRP” began trending on Twitter in many countries as thousands of accounts dedicated mostly or entirely to XRP continued to flood the social platform for the second consecutive day.
XRP enthusiasts’ latest campaign comes as a discovery hearing in the SEC ongoing lawsuit against Ripple produced “surprise bombshells” in favor of the blockchain firm. Attorney Jeremy Hogan said in YouTube video that the judge hearing the case apparently supports the idea that XRP is more like a currency than a security.
“My understanding about XRP is that not only does it have a currency value but it has a utility, and that utility distinguishes it from bitcoin and ether,” Hogan quoted the judge.
Hogan, who is not involved in the case, analyzed that this attitude would allow exchanges that delisted XRP to submit no-action letter requests concerning their dealings in the Ripple’s token.
While the SEC’s lawsuit is a long way from being ruled upon, crypto exchanges were careful about not associating with illegal assets.
The Ripple’s legal team assails the SEC’s $1.3 billion lawsuit, arguing that the agency is simply “Out of Step Domestically and Globally.” They further explained that before this case, no securities regulator in the world has deemed XRP as securities.
In the meantime, the Ripple team says that US regulators (the Department of Justice and FinCEN) determined in 2015 and 2020 that XRP is a virtual currency. And, although the Trump administration sought to overturn this ruling, which was originally made during the Obama era, their token has been regulated as a non-security.