The Crypto Law firm founder explained how the unity of 75,000 XRP holders helped to bring a positive outcome for Ripple.
Ripple (XRP) is a San Francisco headquartered blockchain firm. In Dec 2020, this firm was sued by the United States Securities Exchange Commission (SEC) over the nature of the XRP token. Following huge legal hurdles, in mid of the last month of this year, Ripple secured a big victory against SEC’s charges.
On 12 Aug 2023, John Deaton, crypto law firm founder, shared interesting information about Ripple vs SEC suit and noted that Ripple’s situation was not good enough at the time because huge numbers of crypto companies lose their case against the SEC’s charges but still the 75k XRP holders showed their united power & filed an amicus brief.
According to Deaton, the amicus briefs submitted by 75k XRP holders changed the way of analysis for the court judge Torres to give a decision.
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Wendy is
and here are some truths, whether some people want to admit it or not. 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,… https://t.co/unI1FlWEdP pic.twitter.com/YdQ9fEO7q6
— John E Deaton (@JohnEDeaton1) August 11, 2023
Ripple vs SEC
The whole crypto sector knows very well that the XRP lawsuit has seen several ups & downs but in the final phase, Ripple scored a victory.
No doubt that everyone in this crypto sector is happy with the court ruling in favour of Ripple firm but there is the SEC which is not happy.
Recently a court document showed that the SEC lawyers are planning to appeal against the court judge’s decision in the XRP lawsuit.
So here we can say that problems for the Ripple firm have not been over and in the upcoming few years Ripple firm will face huge hurdles.
XRP coin price action
The current trade price of XRP coin is $0.6 & this trade price is 20.20% down over the last 30 days of trade price.
Read also: Uniswap kicked out an employee, responsible for a new ponzi crypto meme token
Crypto industry is lucky that 75,000 XRP holders supported Ripple against SEC
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