Ripple$XRP Defies the SEC
Deaton recounted how the SEC initially claimed that XRP “represents and embodies security,” a claim he criticized as lacking legal precedent. He noted that the agency failed to cite a single case to support its position. Ripple co-founder Christian Larsen and CEO Brad Garlinghouse refused to bow to the SEC’s pressure, standing firm despite the personal and financial losses.
Ripple spent $150 million on legal fees during the lawsuit, while 75,000 XRP holders contributed free hours, creating a united front against the SEC. This collective effort played a significant role in Ripple’s eventual victory, demonstrating the strength of the XRP community.
