Ripple’s XRP Victory: A Community-Driven Milestone
Ripple Labs achieved a historic legal victory in July 2023, when Judge Analisa Torres ruled that XRP is not classified as a security. This landmark decision was not only a pivotal moment for the cryptocurrency industry but also a testament to the power of community activism, spearheaded by the passionate efforts of the “XRP Army.”
The Role of the XRP Army
Under the guidance of attorney John Deaton, the XRP Army—comprised of thousands of XRP holders—played a crucial role in Ripple’s success. They submitted affidavits, briefs, and pivotal documents that showcased how XRP was used in real-world financial transactions. Judge Torres heavily relied on this evidence among the 2,000 exhibits filed during the case.
Deaton’s amicus brief, coupled with his oral arguments, served as a cornerstone in shaping the judge’s understanding of XRP’s practical applications. Reflecting on this collaboration, Deaton stated, “People often say one person can’t make a difference. But one person can inspire many, and together, they can change the outcome.”
Ripple’s Vision for the Internet of Value
Throughout its lengthy battle with the U.S. Securities and Exchange Commission (SEC), Ripple maintained its commitment to its larger mission: creating an “internet of value.” According to Deputy General Counsel Deborah McCrimmon, Ripple envisions a global payments network where sending money is as seamless as sending an email. McCrimmon credited the XRP Army for their efforts in uncovering key SEC documents that significantly bolstered Ripple’s fair notice defense, spotlighting contradictions in the agency’s treatment of various crypto assets.
What’s Next for XRP?
As Ripple moves forward, the spotlight now turns to XRP’s potential as a global financial asset. Speculation is growing within the XRP Reddit community about the approval of an XRP Exchange-Traded Fund (ETF). If granted, this could open the doors to institutional investments, boost market confidence, and solidify XRP’s position as a recognized asset class.
September 20, 2023, marks a key milestone as XRP will have fulfilled one of the SEC’s new listing requirements by trading for six months on a designated contract market (DCM). Such developments could set the stage for increased adoption and long-term growth for XRP.
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Strong Community, Strong Results
The Ripple vs. SEC case showcased the undeniable impact of community-driven activism within the crypto space. As attorney John Deaton aptly put it, “The XRP Army wasn’t just cheering from the sidelines—they were part of the victory.” This ruling not only benefits Ripple but has also paved the way for clearer regulatory frameworks, fostering confidence and innovation in the cryptocurrency ecosystem.
