The XRP Army has long said it is more than a noisy retail crowd.
Now, with the four -year battle of Ripple against the United States Stock Exchange and Securities Commission, both the judge and Ripple’s lawyers say they made a difference.
The cryptographic lawyer John Deaton, who presented an Amicus report on behalf of the headlines, said in a Wednesday X post that anyone who denies his role “ignores the facts and the truth or lies intentionally.”
Judge Analisa Torres cited the presentations of Deaton, the affidavits of the head of XRP and even the arguments she made in a separate LBry case when she fails that XRP itself is not a security.
“If I didn’t quote those things, people could legitimately debate if our efforts made a real difference. But the test is in the decision itself,” said Deaton.
Executives within Ripple agree. Deborah McCrimon, Ripple’s deputy general lawyer, on Monday told Punta Pinta that the unpaid investigation of the XRP army was invaluable. Ripple had supported a “fair warning” defense, arguing that the SEC could not give clarity about how cryptographic laws were applied.
“We were looking for speeches, conversations, things that the SEC or the government had said related to Blockchain, Crypto, XRP, Ripple and the XRP army extracted it for us,” McCrimmon said. “I could have paid thousands of dollars to do that, and yet they were finding it and publishing it on Twitter.”
The SEC demanded Ripple in 2020, accusing him of raising funds through a sale of unregistered values. The case lasted for years, becoming a fire test on how regulators would treat secondary sales of cryptographic tokens.
In July 2023, Judge Torres ruled that XRP sold in exchanges did not qualify as values, while some institutional sales did. The mixed decision gave space to breathe waves, but stopped below a complete victory.
The legal fight officially ended in August when both parties fell appeals. By then, XRP had already given merchants some of their wildest changes in years. The Token increased 72% after the decision of 2023, jumping from $ 0.47 to $ 0.81. He reached a historical maximum of $ 3.65 in July of this year before recovering.
XRP quote about $ 2.85, almost 1% in the last 24 hours.
