1. BITBILIHome
  2. Article

XRP’s U.S. adoption hindered by SEC lawsuit, claims Pro-XRP lawyer John E Deaton

• 242 views

TL;DR Breakdown

  • Pro-XRP lawyer John E Deaton claims the XRP token lost nearly three years of U.S. adoption due to the SEC’s lawsuit against Ripple in December 2020.
  • Ripple’s CEO, Brad Garlinghouse, supports Coinbase’s move, seeing potential for the USDC ecosystem’s growth.
  • Deaton stresses that MoneyGram and Coinbase determined XRP was not a security, contrasting with the SEC’s later lawsuit against Ripple.

Description

In a recent statement on X (formerly Twitter), pro-XRP lawyer John E Deaton claimed that the XRP token had lost nearly three years of adoption in the United States. This setback is attributed to the United States Securities and Exchange Commission’s (SEC) lawsuit against Ripple, filed in December 2020. Deaton’s remarks highlight the impact of … Read more

In a recent statement on X (formerly Twitter), pro-XRP lawyer John E Deaton claimed that the XRP token had lost nearly three years of adoption in the United States. This setback is attributed to the United States Securities and Exchange Commission’s (SEC) lawsuit against Ripple, filed in December 2020. Deaton’s remarks highlight the impact of the SEC’s actions on Ripple and the XRP token.

Coinbase, a major cryptocurrency exchange, recently acquired a minority stake in USD Coin (USDC) issuer Circle. Brad Garlinghouse, CEO of Ripple, made a statement in support of this move, aiming to “unlock additional utilities and grow the USDC ecosystem.” Deaton commented on Ripple and XRP’s potential for widespread adoption in cross-border payments. He noted that exchanges like Coinbase might have shown interest in Ripple without the SEC lawsuit.

Deaton pointed out that before the lawsuit, Coinbase was a significant advocate for XRP, the coin it now delists. He revealed that Coinbase had contacted the SEC to confirm that XRP was prohibited from trading on the exchange before listing it. In a January 2019 meeting with the SEC, Coinbase stated that it had evaluated XRP according to the SEC’s stringent regulatory framework for digital assets. This framework had previously been commended by a senior staff member of the SEC.

In February 2019, Coinbase added support for the XRP token after the SEC did not object to the listing application. Additionally, MoneyGram, Ripple’s major remittance partner, and competitor, disclosed their XRP plans in an SEC filing. The SEC did not raise any issues with MoneyGram, either.

Deaton emphasized that “MoneyGram also determined, just like Coinbase’s lawyers, and just like the SEC enforcement lawyers in June 2018, that XRP was NOT a security.” However, in December 2020, the SEC initiated a lawsuit against Ripple, despite the efforts of Ripple’s partners.

The attorney advocating for XRP argued that the lawsuit against Ripple posed a threat. He stated, “all the evidence uncovered during the last three years proves it true.” Deaton concluded that the litigation had adversely affected XRP’s acceptance, even though Ripple continued to perform exceptionally well outside the U.S.

The SEC’s lawsuit against Ripple has had far-reaching consequences for the XRP token and its adoption in the United States. Despite the efforts of Ripple’s partners and the previous support from exchanges like Coinbase, the lawsuit has hindered XRP’s growth. Deaton’s remarks underscore the challenges Ripple and the XRP token faced in the wake of the SEC’s actions.

As Ripple continues to navigate the legal landscape, the future of XRP remains uncertain. The impact of the lawsuit on XRP’s acceptance and adoption will likely continue to be a topic of discussion within the cryptocurrency community.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:XRP’s U.S. adoption hindered by SEC lawsuit, claims Pro-XRP lawyer John E Deaton

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月23日 05:17
Next 2023年8月23日 06:14

Related articles

  • Binance’s BNB Chain Gears Up for Major Upgrades

    TL;DR Breakdown Binance’s BNB Chain is set for two major hard forks in August 2023: Plato introduces the BEP-126 evolution proposal for enhanced security, while Hertz focuses on aligning with the latest EVM developments. The upgrades aim to reduce chain reorganization risks, stabilize block production, and ensure BNB Chain’s compatibility with recent Ethereum forks. Description In a move that has captured the crypto community’s attention, Binance‘s BNB Chain is poised to undergo two significant hard forks this August. These upgrades, Plato and Hertz, are set to bolster the network’s security and enhance its compatibility with other Ethereum Virtual Machine (EVM) blockchains. The first of these, the Plato upgrade, took place … Read more In a move that has captured the crypto community’s attention, Binance‘s BNB Chain is poised to undergo two significant hard forks this August. These upgrades, Plato and Hertz, are set to bolster the network’s security and enhance its compatibility with other Ethereum Virtual Machine (EVM) blockchains. The first of these, the Plato upgrade, took place on August 10, introducing the BEP-126 evolution proposal. This proposal is designed…

    Article 2023年8月10日

  • Singapore’s inflation decreases to 3.8%, lowest point in over year

    TL;DR Breakdown Singapore experienced a further decrease in core inflation, dropping to 3.8 percent year-on-year in July, which marks the lowest point over a year. For the entirety of 2023, it is anticipated that headline inflation will average between 4.5-5.5%, while core inflation is expected to fall within the 3.5-4.5% range. Description Singapore experienced a further decrease in core inflation, dropping to 3.8 percent year-on-year in July, which marks the lowest point over a year. The decrease from June’s 4.2 percent can be attributed to a reduced rise in food expenses and a decline in electricity and gas charges. The Ministry of Trade and Industry (MTI) and … Read more Singapore experienced a further decrease in core inflation, dropping to 3.8 percent year-on-year in July, which marks the lowest point over a year. The decrease from June’s 4.2 percent can be attributed to a reduced rise in food expenses and a decline in electricity and gas charges. The Ministry of Trade and Industry (MTI) and the Monetary Authority of Singapore (MAS) announced this today, explaining the factors behind the decline….

    Article 2023年8月23日

  • Top Metaverse investments plunge – What’s going on?

    TL;DR Breakdown Prices of metaverse lands have drastically fallen between 2022 and 2023, following a booming bull market in NFTs. As of May 24, 2023, metaverse land costs range from 0.37 to 1.09 ETH, with the most expensive being Otherdeeds by Yuga Labs and the cheapest in Voxels. In the peak of the NFT bull market, metaverse lands cost up to 7.50 ETH, with Otherdeeds being the most expensive, followed by Somnium, Decentraland, The Sandbox, and Voxels. The world of virtual real estate has been in a spin, with metaverse land prices plummeting in the past year. This comes in the wake of a roaring bull market in non-fungible tokens (NFTs) that saw prices of digital land parcels soar to unprecedented levels. Now, however, the once high-flying investments have hit a significant rough patch, with prices of metaverse land dropping drastically between 2022 and 2023. Sinking values in the Metaverse As of May 24, 2023, the cost of owning a plot in the metaverse ranges from 0.37 to 1.09 ETH, with prices differing among various virtual real estate projects. Interestingly,…

    Article 2023年5月30日

  • Best Twitter threads of the day – May 18th

    Scaling a blockchain exclusively through L2s is a terrible idea 1/31) Scaling a blockchain exclusively through L2s is a terrible idea As it comes with horrible UX & trust trade-offs; pushing people into centralization Inevitably leading to failure; as users move to scalable chains instead L2s have become the greatest source of corruption: — Justin Bons (@Justin_Bons) May 17, 2023 3/31) Since, ironically, the solution lies in reinventing decentralized consensus for sequencers Going full circle & ending up in a worse position As it divides PoS capital between hundreds of L2s instead of combining it all under a single L1 As stake = security in this case — Justin Bons (@Justin_Bons) May 17, 2023 5/31) This is why L2 sequencers & admin keys end up facing the same challenges as an L1 Without being optimized to solve these problems by virtue of scale, unlike most major L1s Even though a sequencer cannot steal user funds, it can censor & front-run, which is unacceptable — Justin Bons (@Justin_Bons) May 17, 2023 7/31) This is not even the biggest problem with L2s…

    Article 2023年5月20日

  • Japan ranks first in losses to North Korean hackers

    TL;DR Breakdown Japan takes first place in losses of funds to North Korean-linked hackers. The report shows that Japan and Vietnam have vulnerabilities in digital security. According to a recent study conducted by blockchain analytics firm Elliptic, Japan has emerged as the primary target of cryptocurrency-related cyberattacks by North Korean hackers. The study, commissioned and reported by the Japanese financial publication Nikkei, examined cryptocurrency losses resulting from North Korean cyberattacks between 2017 and 2022. Japan has lost $721 million to the hackers The report encompasses both hacking and ransomware incidents. Elliptic noted that these attacks are part of North Korea’s overarching national strategy. The study revealed that Japan incurred losses of $721 million, accounting for 30% of the global total of over $2.3 billion in losses. This estimate was based on the approximate loss of $640 million in cryptocurrency during 2022. The United Nations also reported that North Korean crypto theft reached record levels in 2022. The amount stolen from Japan alone exceeds the value of North Korea’s exports in 2021, according to the Japan External Trade Organization cited by…

    Article 2023年5月17日
TOP