According to crypto lawyer John Deaton, the outcome of the SEC and Ripple court case was undeniably impacted by the “XRP Army,” a fact that is disputed only by those who are either ill-informed or dishonest.
A pivotal role was played by XRP tokenholders in securing Ripple Labs’ victory against the US securities regulator, a case that was finalized last month when both sides chose to abandon their appeals.
A lawsuit was filed by the SEC against Ripple in 2020, alleging that it sold the XRP token as an unregistered security. In 2023, Judge Analisa Torres determined that only certain tokens might be considered securities, and the matter was ultimately concluded in August of this year.
With the matter now settled, the influential role of the “XRP Army” cannot be disputed by any credible person, according to crypto lawyer and advocate John Deaton.
He wrote on X that anyone who denies the facts is either unaware of the truth or intentionally lying, as conclusive evidence that a difference was made is available.
Deaton has gained recognition for championing crypto investors, particularly XRP holders, who he contended were not being adequately represented in the SEC’s case against Ripple.
The “XRP Army’s” Legwork: Invaluable, Says Ripple Executive
In a Monday episode of The Penta Podcast, Deborah McCrimmon, Ripple’s vice president and deputy general counsel, stated that through Deaton’s advocacy and the XRP army, the court was made aware that the case “impacts a lot of people,” not just Ripple.
However, the pro bono work contributed to the case was shown to be a decisive factor in the firm’s attempts to substantiate its key arguments.
In particular, McCrimmon stated that Ripple’s legal argument was based on the claim that the SEC failed to give proper notice of the law and the manner in which it had been enforced historically.
She stated that to support their case, they were searching for public remarks from the SEC or the government concerning blockchain, crypto, XRP, and Ripple, and that information was mined for them by the XRP Army.
“We didn’t ask them to, but once they saw this defense in our in our answer, people started finding this. I could have paid lawyers thousands of dollars, literally thousands of dollars, to do that and yet they were finding it and posting it on Twitter, and that was tremendously helpful for me.”
Judge’s Decision Cites AffidavitsMixed Outcomes for Token Following Case Conclusion
Deaton noted that more than 2,000 exhibits were submitted in the court case, and in her final decision, Judge Torres cited his amicus brief and XRP holder affidavits.
In a determination that XRP itself is NOT a security, XRP holder affidavits were cited, a fact that, according to Deaton, proves their work had a significant impact. He added that had those documents not been mentioned, their influence could have been genuinely contested.
“But the proof is in the decision itself. Often, people say one person can’t make a difference. I say: one person can inspire many people and together, they can make a difference.”
Deaton mobilized XRP holders to file affidavits and offer testimonies in Ripple’s case, and over the years, digital campaigns were orchestrated by the XRP Army to influence regulators.
Mixed Outcomes for Token Following Case Conclusion
A mixed judgment was delivered by Judge Torres in July 2023, where she found that digital assets traded on public exchanges did not meet the definition of a security, while those sold to institutional investors constituted the sale of unregistered securities.
A 72% surge in XRP’s value was observed in the aftermath, with its price climbing from $0.47 to $0.81, as reported by CoinGecko.
Prior to the SEC and Ripple abandoning their appeals, which brought the litigation to a definitive close, another surge was seen by the token, fueled by speculation, as it climbed to a zenith of $3.35 before surrendering its gains.
Presently, XRP is exchanging for $2.85 per token and is down approximately 4% over the past 24 hours, subsequent to a new all-time high of $3.65 being established in July.
