XRP Ruling: Crypto Lawyer Says Ordinary Investors Made a Difference
Pro-XRP lawyer and CryptoLaw founder John E. Deaton has highlighted that the effort made by ordinary investors in the lawsuit between the United States Securities and Exchange Commission (SEC) and Ripple Labs made a difference when closely examined.
Lending Voice to XRP Holders
Amidst the heat of the lawsuit, the crypto lawyer came up with a list of 75,000 XRP holders around the globe who lent their voices to the lawsuit. Deaton was the top voice for these people who submitted multiple affidavits supporting Ripple Lab’s defense. At a point in the legal battle, Ripple submitted 3,000 affidavits from XRP holders and Judge Analisa Torres cited the documents while ruling on the programmatic sales of XRP on digital exchanges.
Once again, our work shows up in the briefing – as it did in Judge Torres’ decision. Don’t ever tell me that regular folks can’t make a difference. The 1300 affidavits cited below are investor affidavits. There were 2300 other affidavits as well. These Affidavits were from… https://t.co/3OS06IZSBJ
— John E Deaton (@JohnEDeaton1) September 2, 2023
“The Crypto industry is lucky that 75K #XRP holders chose to unite and fight back and submit affidavits – affidavits that were cited by the Judge in her decision finding programmatic sales of #XRP, on exchanges, even when sold by Ripple, to not be securities,” Deaton said.
This time around, CryptoLaw released a tweet stating that the whole crypto community needs to be grateful to the 75,000+ XRP holders who organized to fight the U.S. regulator. To further buttress their efforts, CryptoLaw shared a screenshot where affidavits from over 1,300 XRP holders were cited.
Comprehensive Affidavits from XRP Holders Pre-Ruling
Deaton boasted that these mentioned affidavits are from investors. He reiterated that there were 2,300 other affidavits as well.
According to Deaton, most of these affidavits were from folks who actually utilize the XRP Ledger (XRPL) and the Decentralized Exchanges (DEX) built within the XRPL to move money and value across the world. They are also from people who were being paid in XRP and using the token as a substitute for fiat, including using Visa and Mastercard XRP debit cards.
Also, the affidavits were from people who had their retirement funds in XRP and it was frozen, pending the decision.
“When you take all the investor affidavits in whole, they demonstrate that the majority of first time acquirers of #XRP were completely unaware of a company that sold software to banks, called Ripple,” Deaton added.