Amid the protracted legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple, a new argument has emerged that the XRP community has had a tangible impact. Cryptocurrency attorney John Deaton emphasized the community's role, stating, "The position of XRP holders was directly cited in the ruling."
Deaton recently revealed on his social media that the final ruling handed down by Judge Analisa Torres used as reference materials the affidavits of XRP holders, the amicus brief he submitted, and the oral arguments from the previous LBRY trial. He claimed that "only a small portion of the over 2,000 pieces of evidence were cited, but they included the materials of XRP holders," and that this had a decisive influence on the direction of the Ripple lawsuit.
He continued, “Without the contributions of the XRP Army, the course of this Ripple lawsuit might have been different. The ruling clearly shows that we drove the change.” This assertion is not just an individual observation. Ripple’s legal team also acknowledged the support of the community. Deborah McCrimmon, Ripple’s Senior Vice President of Legal, explained that more than 75,000 XRP holders submitted affidavits and petitions, and that their actions influenced not only the lawsuit but also public opinion.
Beyond the courtroom, the Ripple community responded in various ways, including petitions, public opinion campaigns, and campaigns directed at regulators. Ultimately, the case settled last month with a $50 million settlement, which received final approval from the Second Circuit Court of Appeals.
Meanwhile, the price of XRP fluctuates around the $2.85 (approximately 3,962 won) level. It rose 3% over the past 24 hours, but fell 5% on a weekly basis. Some have expressed concerns about stagnant trading volume, stagnant on-chain activity, and a decline in total value locked (TVL).
Deaton and the community's efforts are transcending simple investment returns, establishing legal precedent and shifting market perception. The market is watching closely to see whether XRP's practical utility can be proven in the future.
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