{"id":25513,"date":"2025-01-01T12:11:15","date_gmt":"2025-01-01T12:11:15","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/?p=25513"},"modified":"2025-01-01T12:11:15","modified_gmt":"2025-01-01T12:11:15","slug":"deaton-unveils-the-coalition-of-the-sec-and-rivals-against-ripples-xrp","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/deaton-unveils-the-coalition-of-the-sec-and-rivals-against-ripples-xrp\/","title":{"rendered":"Deaton Unveils the Coalition of the SEC and Rivals Against Ripple’s XRP"},"content":{"rendered":"\n

In a recent post<\/a> on X, noted attorney John E. Deaton, an advocate for XRP, discussed the complex relationship between the US Securities and Exchange Commission (SEC) and Ripple\u2019s competitors. He suggested that there is a coordinated effort aimed at diminishing Ripple and its cryptocurrency.<\/p>\n

Deaton pointed out the significant repercussions of the SEC\u2019s lawsuit on Ripple, stating, \u201cThe extent of the damage to Ripple\u2019s business from the SEC\u2019s broad complaint is hard to quantify.\u201d He provided historical context, recalling how in 2012, when XRP was created, stablecoins were non-existent, and the market for cross-border payments held immense opportunity. \u201cThat opportunity still exists today,\u201d he emphasized.<\/p>\n

Deaton\u2019s Perspective on Ripple\u2019s Lawsuit<\/h2>\n

Reflecting on Ripple\u2019s early decisions, Deaton shared insights about the pivotal discussion on whether to emphasize smart contracts or payments. He recalled that Vitalik Buterin, Ethereum\u2019s co-founder, was living with Ripple\u2019s former CTO, Stefan Thomas, during this period.<\/p>\n

Ultimately, Ripple decided to concentrate on cross-border payments, which Deaton considers a wise choice due to the lack of stablecoins and the extensive potential of that market. \u201cAt that time, with no stablecoins available and the enormous size of the global cross border payments sector, their focus makes sense,\u201d he noted.<\/p>\n

Deaton supported Ripple\u2019s decision by citing relevant data showing that cross-border payment transactions soared past $150 trillion in 2022 alone, making up more than 96% of total cross-border volume, with forecasts suggesting it could reach $250 trillion by 2027. This surge is attributed to growing international trade, the rise of global e-commerce, and the increasing movement of people and businesses across borders.<\/p>\n

He also pointed out significant moments that helped promote XRP\u2019s adoption, mentioning that after Coinbase listed XRP in February 2019, the platform actively advocated for the utility of both XRP and USDC in facilitating quick and affordable international money transfers. Additionally, MoneyGram began using XRP in June 2019.<\/p>\n

However, the situation changed drastically when the SEC initiated legal action against Ripple in December 2021. \u201cFollowing the SEC\u2019s lawsuit, Coinbase delisted XRP, and MoneyGram transitioned to using XLM instead,\u201d Deaton explained.<\/p>\n

Criticizing the SEC\u2019s tactics, Deaton questioned, \u201cCan anyone genuinely argue that there is a significant legal distinction between MoneyGram using XLM instead of XRP?\u201d He also pointed out the irony in the situation since XLM\u2019s creator, Jed McCaleb, was a co-founder of Ripple and XRP.<\/p>\n

Deaton described the SEC\u2019s accusation as unreasonably broad, asserting, \u201cThe SEC\u2019s complaint against Ripple and XRP stands as perhaps the most excessively broad complaint ever filed by the SEC.\u201d He raised concerns about possible conflicts of interest, suggesting that those who advocated for the case against Ripple later joined Ripple\u2019s competitors. \u201cIndividuals pushing for the lawsuit then went on to assist Ripple\u2019s rivals,\u201d he claimed.<\/p>\n

Addressing doubts about his objectivity, Deaton clarified his financial interests. \u201cI\u2019ve disclosed that 80% of my wealth is in BTC. Additionally, when journalists Eleanor Terrett and Charles Gasparino reported on the case in November 2021, they indicated that I am not an uncritical supporter of Ripple; I\u2019ve questioned Ripple\u2019s sale of around $800 million worth of XRP,\u201d he said.<\/p>\n

He concluded by stating, \u201cExamining how this case was initiated, including the significant conflicts of interest and the transition of key players to Ripple\u2019s competitors, does not require me to be a supporter to recognize the problematic nature of the situation.\u201d<\/p>\n

As of the latest update, XRP was valued at $2.12.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

In a recent post on X, noted attorney John E. Deaton, an advocate for XRP, discussed the complex relationship between the US Securities and Exchange Commission (SEC) and Ripple\u2019s competitors. He suggested that there is a coordinated effort aimed at diminishing Ripple and its cryptocurrency. Deaton pointed out the significant repercussions of the SEC\u2019s lawsuit […]<\/p>\n","protected":false},"author":14,"featured_media":25514,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Deaton Unveils the Coalition of the SEC and Rivals Against Ripple's XRP - Bitrabo","description":"In a recent post on X, noted attorney John E. Deaton, an advocate for XRP, discussed the complex relationship between the US Securities and Exchange Commission"},"footnotes":""},"categories":[316],"tags":[10883,1200,1025,1024,749,575,520,3761],"class_list":["post-25513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-competitors","tag-deaton","tag-lawyer","tag-proxrp","tag-reveals","tag-ripple","tag-sec","tag-united"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/25513","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=25513"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/25513\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/25514"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=25513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=25513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=25513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}