This article highlights the key moments in the legal dispute between Ripple and the SEC, focusing on the influence of XRP holders on the case outcome.
SEC Lawsuit Against Ripple
The SEC filed a lawsuit against Ripple in December 2020, accusing the company of illegal sales of XRP as unregistered securities from 2013 to 2020. Ripple claimed that XRP is a digital asset used for payments and liquidity, not a share of stock.
How the XRP Army Changed the Course of the Case
The XRP community, known as the 'XRP Army', organized to gather evidence and raise awareness that the SEC lawsuit threatened not only Ripple but also everyday users and developers. Lawyer John E. Deaton filed an amicus brief on behalf of XRP holders, which the judge cited in her decision.
The Importance of the Ruling for the Future of the Crypto Industry
Judge Torres’ ruling that XRP is not a security marked a significant milestone not only for Ripple but also for other crypto projects, creating a precedent in legal practice. However, clarity in legislation remains critical for the market.
The victory of XRP holders in the lawsuit against the SEC highlights the significance of collective efforts from communities in influencing legal practices in the crypto industry. This case serves as an important lesson in how civic engagement can impact judicial outcomes.
