Simply put
- Attorney John Deaton believes that the XRP Army has significantly impacted the SEC’s case against Ripple.
- In 2023, a judge ruled that XRP sales on public exchanges did not breach securities laws. The saga was drawing to a close in August as all appeals were dropped.
- Deaton mentioned that thousands of affidavits were submitted to the court, which he claims helped influence the judge’s decision in favor of Ripple.
Legal advocate John Deaton argues that the XRP Army, a group of online supporters who stood by cryptocurrency during its downturn, played a role in Ripple’s legal success against the U.S. Securities and Exchange Commission.
Deaton referenced the numerous affidavits as a contributing factor leading to Ripple’s partial win over regulators regarding XRP’s security classification.
Back in 2020, the SEC filed charges against Ripple and its executives, alleging they offered unregistered securities through XRP, which triggered a lengthy legal battle.
A trustworthy person cannot argue that the XRP Army did not influence the Ripple case…
– John E Deaton
In October 2023, Judge Annalisa Torres issued a mixed ruling—she stated that XRP sales to institutional investors violated securities laws, but not those conducted on public markets. This was seen as a win for Ripple, despite the company still being accountable for sales.
“No one can say the XRP Army did not make a difference in the Ripple case,” Deaton stated. “If they do, they’re either misinformed or lying.”
He pointed out that the ruling supported the idea that XRP itself isn’t a security, citing the affidavits from XRP holders.
The XRP Army, formed in response to the SEC’s lawsuit, consists of fervent supporters rallying for legal changes. This group has collectively submitted thousands of affidavits to strengthen Ripple’s defense.
One member noted they submitted affidavits because they had used XRP both as income and for various purchases. “The collective effort led to a major win for the industry,” they claimed.
Deaton shared his experiences, acknowledging his previous attempts to challenge Elizabeth Warren while pushing for Ripple’s legal stance through an amicus brief—essentially a commentary from outsiders on a legal case.
Another XRP Army member remarked that they had used XRP without fully understanding the implications, expressing disbelief at how one could anticipate profits without knowledge of the underlying entity.
The ongoing battle between Ripple and the SEC continued to unfold, with the SEC having appealed the ruling from 2023, while Ripple cross-appealed. However, both parties eventually withdrew their appeals as the XRP Army celebrated their recent victory.
