In July 2023, a court ruling dealt a blow to the so-called 'security status' of $XRP . What was not immediately apparent was how the XRP Army, an organized and active community, was decisive for that turn, claims John Deaton, a lawyer who represented holders with an influential amicus brief.
A Legal Defense Forged in Community Engagement
Out of the more than 2,000 pieces of evidence presented, the judge only cited a few—including testimonies from holders and Deaton's amicus brief—showing how much collective pressure mattered. 'One person can inspire many, and together they achieve real change,' Deaton emphasized. This activism was not symbolic: it directly influenced legal arguments and curtailed excessive regulatory attempts.
More Than a Legal Victory: A Precedent for Crypto Regulation
The Ripple case not only closed with a settlement but also paved the way to clarify how these digital assets are regulated. The impact of this grassroots defense resonates in the legal and financial community, establishing key distinctions between tokens and investment contracts. According to Deaton, this activism also strengthened confidence in XRP to compete in an increasingly demanding market.
The easy narrative is that of David against Goliath, where a company fights against a giant agency. The reality, as it often is, is more interesting. It was the story of how Goliath was flanked by a decentralized network of thousands of Davids. Their weapon was not the sling, but evidence, persistence, and an unshakeable faith that the system can, at times, work.
The lingering question is: what will be the next crypto army to follow in their footsteps?