The XRP token holders played a key role in helping Ripple Labs secure a victory over the US Securities and Exchange Commission (SEC).
The SEC filed a lawsuit against Ripple in 2020, claiming that the company sold XRP tokens as unregistered securities. In a Securities and Exchange Commission lawsuit against Ripple in July 2023, Judge Analisa Torres determined that XRP was inherently unsecured and in August this year the case was completely resolved.
Deaton explained in X that despite more than 2,000 exhibits being submitted, Judge Torres cited only a few dozen cited, including the XRP Holder Affidavit, his Amikos brief, and oral discussions in the Lbry case. he I made a comment“We cannot argue that the XRP forces did not make a difference in the ripple incident. If so, they are either ignorant of facts and truths or intentionally lying.”
Deaton is recognized for defending the rights of crypto investors, particularly XRP holders, and he claims he is underestimated in the SEC lawsuit against Ripple.
Deaton argues that even one person can change the outcome of a situation
Deaton noted that court approval of the XRP holder affidavit and his summary examined the role of community voices in legal proceedings. He said that without those quotes, some may have questioned whether their efforts would have a real impact. Still, the verdict itself was otherwise proven, indicating that XRP Army activism really had an impact on court reasoning.
His observations show a growing belief that collective action can significantly affect major crypto litigation courses. The lawyer said, “Perhaps one person can’t make a difference. I say. I say: one person can inspire many people and together make a difference.”
Some X-Community members agreed with Deaton that the XRP forces helped influence the judge’s decision. One user noted that there is a real impact when large groups are involved through open forums. Another argued that the XRP forces left a trace of it in history, reverberating in the power of a unified community.
And Ripple SEC cases have been effectively closed as the US Court of Appeal approved a joint move to dismiss the appeal last month.
Ripple’s McCrimmon explained that the company is working to strengthen payments and transactions
Regarding What’s At Stake Podcast, Ripple’s Vice President and Deborah McCrimmon also shared insights into the company’s mission and the fight against the SEC.
McCrimmon explained that Ripple is working towards a “internet of value” and is looking for globally to make money easily and cheaply. XRP ledgers allow for low-cost payments near them. She also said that the SEC case against Ripple became a joint effort and helped the XRP community Surface key SEC materials to strengthen Ripple’s fair notification case. Furthermore, Deaton noted that consistent advocacy by retail investors played a key role in helping to ripple the lawsuit.
Long before the lawsuit, much of the crypto world dismissed XRP and used “XRP Army” as its most loyal owner and JAB. However, the SEC case transformed the label into a badge of honor and brought the community together.
According to Coingecko, after Judge Torres issued a general judgment, 72% issued a total judgment after Judge Torres issued a complicated judgment, finding that tokens sold on public exchanges were inherently unsecured.
Today, Ripple continues to expand its real-world utility for tokens, deploying solutions for lightning cross-border payments and greater access to financial services.
The SEC and Ripple dropped their appeal and effectively filed a lawsuit, with the tokens surged in trades once more on speculation, reaching a high of $3.35 before retreating. At the time of press, XRP has been trading hands for $2.85 for a token, a decline of about 4% over the last 24 hours after reaching a new all-time high of $3.65 in July
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