TLDR
- XRP holders played a crucial role in Ripple’s victory against the SEC lawsuit
- Attorney John Deaton states the “XRP Army” made a provable difference in the case outcome
- Ripple’s Deputy General Counsel credits the community for finding essential evidence for free
- Judge Torres cited XRP holder affidavits in her ruling that XRP itself is not a security
- The case finally ended in August 2025 when both sides agreed to drop their appeals
The crypto community known as the “XRP Army” played a key role in Ripple’s victory against the Securities and Exchange Commission (SEC), according to both legal experts and Ripple executives. The lawsuit, which began in 2020 and concluded in August when both sides dropped their appeals, has showcased how organized retail investors can impact major regulatory battles.
Crypto lawyer and advocate John Deaton has been vocal about the importance of XRP holder involvement. “No credible person can argue that the XRP Army didn’t make a difference,” Deaton stated on social media platform X. “We have conclusive evidence that we made a difference.”
No credible person can argue that the XRP Army didn’t make a difference in the Ripple case. If they do they’re either ignorant to the facts and truth or intentionally lying. We have conclusive evidence that we made a difference. There were over 2K exhibits filed in the case. In… https://t.co/WK2MfOb6wS
— John E Deaton (@JohnEDeaton1) September 3, 2025
Deaton, who represented XRP holders through an amicus brief, pointed to Judge Analisa Torres’ final decision as proof. Of the over 2,000 exhibits filed in the case, the judge specifically cited his amicus brief and XRP holder affidavits in her ruling that XRP itself is not a security.
The lawyer has been a central figure in organizing retail investors to submit testimonies and affidavits. His efforts united thousands of XRP holders who felt their interests weren’t being represented in the SEC’s case against Ripple.
Community Research Efforts
Deborah McCrimmon, Ripple’s Vice President and Deputy General Counsel, confirmed the value of the community’s work in a recent podcast interview. She explained how XRP holders helped gather evidence supporting Ripple’s fair notice defense.
“We were looking for speeches, talks, things the SEC or the government had said related to blockchain, crypto, XRP, Ripple, and the XRP Army mined that for us,” McCrimmon said. “We didn’t ask them to, but once they saw this defense in our answer, people started finding this.”
The community’s research proved invaluable. McCrimmon noted that the work would have cost “thousands of dollars” if done by paid lawyers. Instead, XRP holders voluntarily searched for and shared relevant materials on Twitter.
This collective effort helped Ripple argue that the SEC had not provided fair notice about how securities laws would be applied to cryptocurrencies. The defense proved critical in Judge Torres’ mixed ruling delivered in July 2023.
The court determined that XRP sold on public exchanges did not meet the definition of a security. However, tokens sold to institutional investors were found to be unregistered securities.
The distinction made in the ruling has had far-reaching implications for how digital assets might be regulated. It suggested that cryptocurrencies themselves may not be securities, even if certain sales of them could be.
Market Response to Legal Developments
XRP’s price has seen dramatic movements throughout the legal battle. When Judge Torres delivered her mixed ruling in July 2023, the token’s price jumped 72%, rising from $0.47 to $0.81.
More recently, as both parties abandoned their appeals in August, XRP rallied again amid market speculation. The token reached a peak of $3.35 before pulling back.
Currently, XRP trades at around $2.85, showing a 4% decline in the last 24 hours. The token had established a new all-time high of $3.65 in July.
Ripple continues to expand its business despite the legal challenges. Recently, the company announced plans to purchase Rail, a stablecoin payments platform, for $200 million.
The case has shown how organized retail investors can influence legal outcomes. As Deaton put it, “One person can inspire many people and together, they can make a difference.”
McCrimmon emphasized that Ripple’s mission remains unchanged: building the “internet of value” where money transfers worldwide are as easy and cheap as sending an email. The XRP Ledger continues to be central to Ripple’s goal of providing low-cost, instant cross-border payments.
The SEC lawsuit, which began in December 2020, alleged that Ripple’s sales of XRP constituted unregistered securities offerings. Ripple maintained throughout that XRP itself was not a security, a position that Judge Torres ultimately supported in her ruling.
The case’s resolution marks a major milestone for the cryptocurrency industry, potentially setting precedents for how other digital assets might be viewed under securities law.
