The XRP Army’s Impact on Ripple’s Legal Battle with the SEC
The XRP Army has long been known as a vocal community of XRP holders, but now, with Ripple’s recent legal battle against the U.S. Securities and Exchange Commission coming to a close, their impact is being recognized by both the judge and Ripple’s legal team.
Crypto lawyer John Deaton, who filed an amicus brief on behalf of XRP holders, emphasized the significant role that the XRP Army played in the case. In a recent statement, Deaton stated that anyone denying their influence is either misinformed or intentionally misleading.
During the court proceedings, Judge Analisa Torres referenced Deaton’s filings, XRP holder affidavits, and arguments made in a separate case involving LBRY. These references played a crucial role in the judge’s ruling that XRP itself is not a security.
“The proof is in the decision itself,” Deaton remarked, highlighting the tangible impact of the XRP Army’s efforts on the outcome of the case.
Ripple executives also acknowledged the contribution of the XRP Army. Deborah McCrimmon, Ripple’s deputy general counsel, praised the unpaid research conducted by the community, which proved invaluable to Ripple’s defense strategy. McCrimmon noted that the XRP Army’s efforts in uncovering relevant information related to blockchain, crypto, XRP, and Ripple saved the company significant resources.
The legal battle between Ripple and the SEC began in 2020 when the SEC accused Ripple of conducting an unregistered securities sale. The case spanned several years and became a pivotal test for how regulators would approach the regulation of crypto tokens.
In July 2023, Judge Torres issued a mixed ruling, determining that XRP sold on exchanges did not meet the definition of securities, while some institutional sales did. Although the decision provided some relief to Ripple, it fell short of a complete victory.
The legal dispute officially concluded in August when both parties dropped their appeals. Throughout the legal proceedings, XRP experienced significant price fluctuations, with the token surging 72% after the 2023 ruling and reaching an all-time high of $3.65 in July of the following year.
Currently, XRP is trading near $2.85, reflecting a slight decrease of nearly 1% in the past 24 hours.