Ripple Closes SEC Case With Nod to ‘XRP Army’s’ Influence
Ripple’s long-running legal battle with the U.S. Securities and Exchange Commission (SEC) ended this August, nearly four years after the regulator accused the company of raising funds through an unregistered securities sale. Beyond the courtroom arguments, both Ripple executives and the presiding judge acknowledged the role of the so-called “XRP Army” in shaping the case’s outcome.
Attorney John Deaton, who filed an amicus brief for XRP holders, argued the community’s efforts were critical. Judge Analisa Torres cited Deaton’s filings, affidavits from investors, and even arguments raised in his separate LBRY case when ruling that XRP itself was not a security. “The proof is in the decision itself,” Deaton said this week.
Ripple executives echoed the sentiment. Deputy General Counsel Deborah McCrimmon said the XRP Army’s independent research significantly supported Ripple’s “fair notice” defense. “I could have paid lawyers thousands of dollars to do that, and yet they were finding and posting it on Twitter,” she told The Penta Podcast.
The case delivered one of crypto’s most important precedents. In July 2023, Judge Torres ruled that XRP sold on exchanges did not qualify as securities, though some institutional sales did. The decision provided Ripple breathing room and triggered sharp price swings for XRP. The token surged 72% after the 2023 ruling, later climbing to an all-time high of $3.65 in July 2025 before retreating.
XRP now trades near $2.85, down about 1% in the past 24 hours.
