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Attorney John Deaton asserts that XRP holders significantly influenced Ripple’s legal victory, with Judge Torres citing their affidavits.
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Ripple’s VP Deborah McCrimmon praised the XRP Army for uncovering evidence that supported Ripple’s “fair notice” claim.
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XRP surged to a peak of $3.65 in July 2023 before retreating, showcasing the market impact of the lawsuit’s resolution.
The extended conflict between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) officially concluded last month as both sides withdrew their appeals, wrapping up a case that had overshadowed the crypto sector since 2020. With the dust settled, crypto attorney John Deaton points out one key aspect of the case: the involvement of XRP holders, commonly referred to as the “XRP Army.”
Deaton, representing XRP tokenholders as amici curiae, contended that their involvement significantly influenced the result. “No reliable individual can claim that the XRP Army had no impact.” “If they do, they’re either unaware of the facts or deliberately deceiving,” he stated in a post on X. He observed that Judge Analisa Torres referenced his amicus brief and affidavits provided by XRP holders in her ruling. The decision ultimately stated that XRP itself is not classified as a security, although institutional sales breached securities law.
Ripple executives recognize grassroots role
Ripple’s vice president and deputy general counsel, Deborah McCrimmon, shared Deaton’s perspective on the Penta Podcast. She noted that XRP community members thoroughly searched speeches, SEC statements, and historical records to back Ripple’s “fair notice” defense. She stated that this community-driven initiative helped Ripple avoid considerable legal expenses and bolstered its argument by demonstrating the regulator’s lack of clear guidance.
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In addition to filing affidavits, the XRP Army initiated petitions, managed social media campaigns, and highlighted the wider implications of the SEC’s allegations. McCrimmon characterized their efforts as “extremely beneficial,” emphasizing that their input exceeded mere symbolic backing and significantly supported Ripple’s defense.
Mixed results, but new milestone for XRP
The case ended with a complex decision: tokens exchanged on public platforms were not considered securities, whereas tokens offered to institutional investors were deemed as such. After Judge Torres’ decision in July 2023, XRP jumped 72% from $0.47 to $0.81. In the months prior to the final agreement, speculation caused the token to rise to $3.35, before pulling back. XRP reached a new record of $3.65 in July and is now trading at $2.85, having decreased roughly 4% in the past 24 hours.
For Deaton, the overarching message pertains to group collaboration. “One individual can motivate numerous individuals, and collectively, they have the power to create change,” he stated. In Ripple’s pivotal case, the XRP Army demonstrated just that.
