Ripple SEC Victory: Lawyer Says 4,000 XRP Holders Played Crucial Role

On July 13, the XRP community celebrated 3 years since Judge Analisa Torres issued a summary judgment decision in the SEC v. Ripple case.

Judge Torres found that XRP is not a security in itself, holding that Ripple‘s sales of XRP through secondary trading platforms did not constitute securities transactions, while its direct sales to institutional investors did.

Vet, a validator and director of community at XRP Ledger Foundation, tweeted about the anniversary of Judge Torres’s ruling that XRP is not a security. He noted that this decision was a major turning point and the beginning of the end of the SEC’s war on crypto.

XRP holders made a difference

In a recent X post, CryptoLaw founder John Deaton highlighted how the XRP community made a difference in the Ripple v. SEC case.

Deaton was granted leave to file an amicus brief representing the interests of nearly 76,000 XRP holders who do not believe XRP is a security in the SEC case. He further backed it up with nearly 4,000 XRP holder affidavits submitted.

“How do we know XRP Holders made a difference in the Ripple XRP case?” Deaton asked while citing evidence of how they did.

First, Deaton’s amicus brief on behalf of XRP holders was cited by Judge Torres among other amicus briefs. This, according to Deaton, proved the XRP community made a difference.

Second, when ruling “XRP itself is not a security,” Judge Torres cited the nearly 4,000 XRP holder affidavits submitted in the case. Out of the thousands of exhibits submitted in the case overall, in her final summary judgment decision, she only cited several dozen exhibits, of which XRP holder affidavits were one.

Third, Judge Torres cited the oral argument that Deaton made to the Federal Judge in the LBRY case, relating to secondary market sales of digital assets.

Finally, Deaton stated that in his amicus brief, he specifically asked the court to affirmatively declare XRP itself not a security, as it is nothing more than digital code. Judge Torres addressed this in her summary judgment, declaring XRP not to be a security in itself.