The founder and CEO of Galaxy Digital, Michael Novogratz, discussed the importance of strong communities in the crypto industry. While discussing the community’s value in the industry, he opened up about the Ripple vs SEC lawsuit.
Responding to that, attorney John Deaton acknowledged Novogratz and revealed the backlash he has faced for standing with Ripple and suing the regulator.
In a recent interview, Novogratz discussed the critical role of community in the success and sustainability of any crypto ecosystem. He repeatedly pointed out that strong crypto supporting groups can confer resilience and lasting value on digital assets.
He said, “Where does this XRP Army even come from… I’m not even sure… It’s like they care about this when they went through that lawsuit.”
He also commended Deaton, saying, “That guy was literally tweeting nine times a day, fighting the case in court. This was part of his community, and he thought this was an injustice done to his community,” he added.
In response, Deaton appreciated Novogratz for recognising his role in the SEC vs Ripple lawsuit. Despite holding most wealth in Bitcoin and even more in Ethereum than XRP at the time, he supported Ripple.
Deaton wrote, “A few Bitcoiners criticized me for helping a shitcoin, and some even called me a ‘bgarlinghouse’ or Ripple plant.”
“I usually responded by asking how much of their net worth was as in BTC, and it almost always was less than 80%,” he added.
Deaton supported Ripple with true motivation and for his “belief in free markets.” He strongly believed that regular, hardworking people should be able to invest freely, without the outcome being dictated by government regulators or policymakers.
Deaton said, “The reason I got involved was because of what Mike said: regular, hard-working people chose to invest their assets in a token, and it is irrelevant whether you or I believe that that token is the next big thing or exit liquidity for insiders. It’s called a free market.”
The campaign drew immense grassroots support with 75,000 XRP holders from 143 countries joining the effort. It proved the very definition of decentralization.
Judge Torres cited “fair notice” doctrine – directly influenced by 3,000+ affidavits from XRP holders proving regulatory confusion, a first in crypto cases.
An estimated 12% of active XRP wallets participated – unprecedented in crypto history – with 3,047 personal affidavits filed in court.
It established that programmatic sales aren’t securities – now cited in 73% of crypto legal defenses.
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