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Ripple vs SEC: Crypto Youtuber Ben Armstrong Participating in Lawsuit Supporting XRP Army

3 Nov, 20222 min readRegulation
Ripple vs SEC: Crypto Youtuber Ben Armstrong Participating in Lawsuit Supporting XRP Army

One of the longest-running legal battles in the history of cryptocurrencies between Ripple, a leader in crypto payments, and the SEC, the US stock exchange’s regulator, appears to be coming to a close. The latest development, SEC v. Ripple was able to incorporate the evidence of a certain group of investors since more than 70,000 XRP holders have so far registered to participate.

XRP holders are suing the U.S. Securities and Exchange Commission in a class action complaint, and BitBoy, a.k.a. Ben Armstrong, has voiced his satisfaction at joining the case.

Happy that I took part in @JohnEDeaton1’s lawsuit on behalf of $XRP holders. I joined the fight and no one better to lead the charge than John.I choose representation over enforcement by regulation. #XRPArmy strong.— Ben Armstrong (@Bitboy_Crypto) November 1, 2022

So I ask you fine gentleman: are you going to make an inquiry or are you going to allow the SEC to bury this under the proverbial swamp? Investors have no confidence in the SEC b/c of this literally criminal behavior. Plus, SEC officials can just ignore confessional requests?— John E Deaton (220K Followers Beware Imposters) (@JohnEDeaton1) November 2, 2022

The final component, in the opinion of another lawyer, Jeremy Hogan, is bringing in the affidavits of XRP holders. Holders of XRP are simultaneously making two arguments in response to the securities accusation.

In the beginning, cryptocurrency was bought for payment or other non-investment uses. On the other hand, XRP holders who have admitted to holding it for investment purposes have stated that they did not anticipate receiving a return on their investment through Ripple, but rather from the difference in exchange rates.

The last piece of the puzzle = actual XRP holders. — Jeremy Hogan (@attorneyjeremy1) October 23, 2022

Since December 2020, there has been a dispute over the purported unauthorized sale of $1.3 billion worth of Ripple coins, according to the SEC. Ripple, however, reiterates that nothing was illegal because it wasn’t security

It is not surprising that in the most recent month, XRP price has increased by more than 36% in a market that has continually been rather shaky and uneasy. With daily volumes substantially increasing, the coin is currently trading at about $0.45. According to several analysts, if the action against the SEC is successful, the price may surpass the significant resistance level set at $0.5.


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