{"id":4954,"date":"2025-01-01T12:03:59","date_gmt":"2025-01-01T12:03:59","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=4954"},"modified":"2025-01-01T12:03:59","modified_gmt":"2025-01-01T12:03:59","slug":"pro-xrp-lawyer-deaton-reveals-how-sec-and-competitors-united-vs-ripple","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=4954","title":{"rendered":"Pro-XRP Lawyer Deaton Reveals How SEC And Competitors United Vs. Ripple"},"content":{"rendered":"
\n

In a post<\/a> on X, prominent pro-XRP attorney, John E. Deaton, shed light on the intricate dynamics between the US Securities and Exchange Commission (SEC) and Ripple\u2019s competitors, suggesting a coordinated effort to undermine the company and its digital asset.<\/p>\n

Deaton emphasized the extensive impact of the SEC\u2019s lawsuit on Ripple, stating, \u201cI do not believe one can properly estimate the damage to Ripple\u2019s business caused by the sweeping nature of the SEC\u2019s complaint against Ripple.\u201d He underscored the historical context, noting, \u201cYou have to remember, in 2012, when Ripple founders created XRP, stablecoins<\/a> did not exist and the cross border payments market was wide open and ripe for such disruptive technology. Clearly, it still is today.\u201d<\/p>\n

Insights from Deaton On The XRP Lawsuit<\/h2>\n

Reflecting on Ripple\u2019s strategic decisions during its early operations, Deaton recalled the significant debate over whether Ripple should prioritize smart contracts or payments. He pointed out an interesting anecdote from that period: Vitalik Buterin<\/a>, the co-founder of Ethereum, was residing with Ripple\u2019s then-CTO, Stefan Thomas.<\/p>\n

Ultimately, Ripple opted to focus on cross-border payments, a move Deaton views as strategic given the absence of stablecoins and the vast potential of the global cross-border payments market. \u201cConsidering stablecoins did not exist at the time and, considering just how large the global cross border payments market was and is, I can see why,\u201d Deaton explained.<\/p>\n

Supporting Ripple\u2019s strategic focus, Deaton referenced data indicating the exponential growth of cross-border payment flows. In 2022, these transactions surpassed $150 trillion, accounting for over 96% of the overall cross-border payment volume, with projections reaching $250 trillion by 2027. This growth is driven by the expansion of international trade, the rise of global e-commerce, and increased mobility of individuals and businesses across borders.<\/p>\n

Deaton also highlighted key milestones that initially bolstered the digital asset\u2019s adoption. \u201cAfter Coinbase listed XRP in February 2019, Coinbase promoted both XRP and USDC\u2019s utility in moving money internationally, in seconds, and practically for free. In June 2019, MoneyGram began utilizing XRP,\u201d he stated.<\/p>\n

However, the narrative took a dramatic turn when the SEC filed a lawsuit against Ripple in December 2021. \u201cAfter the lawsuit was filed by the SEC, Coinbase delisted XRP and MoneyGram switched<\/a> from using XRP and began using XLM instead,\u201d Deaton recounted.<\/p>\n

Critiquing the SEC\u2019s approach, Deaton remarked, \u201cIs anyone out there really going to argue that there was a real difference, UNDER THE LAW, between MoneyGram using XLM over XRP?\u201d He pointed out the irony in the SEC\u2019s actions, noting, \u201cXLM\u2019s founder, Jed McCaleb<\/a>, is also the co-founder of Ripple & XRP!\u201d<\/p>\n

Deaton characterized the SEC\u2019s complaint as excessively broad, stating, \u201cThe SEC\u2019s Complaint against Ripple and XRP is, without question, the most grossly over-broad Complaint possibly ever filed by the SEC.\u201d He further accused the SEC of potential conflicts of interest, revealing that individuals involved in the lawsuit subsequently aligned themselves with Ripple\u2019s competitors. \u201cThen those same people who pushed for the case against Ripple to be filed, went on to work with or for Ripple\u2019s competitors,\u201d he asserted.<\/p>\n

Addressing skepticism about his motivations, Deaton clarified his financial interests and independence. \u201cFirst, as I disclosed in FEC filings, 80% of my net worth is in BTC. Second, when Eleanor Terrett and Charles Gasparino did their big write-up on the case in November 2021, they wrote: \u2018Deaton is certainly no Ripple fanboy. He is critical of the fact that Ripple itself has sold about $800 million \u2026\u2019\u201d<\/p>\n

He concluded, \u201cBut when you look at the circumstances surrounding how this case was filed, including the massive conflicts of interests, and the fact that people behind the lawsuit went on to help or work for competitors of Ripple, you don\u2019t have to be a fan to call it out.\u201d<\/p>\n

At press time, XRP traded at $2.12.<\/p>\n

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

In a post on X, prominent pro-XRP attorney, John E. Deaton, shed light on the intricate dynamics between the US Securities and Exchange Commission (SEC) and Ripple\u2019s competitors, suggesting a coordinated effort to undermine the company and its digital asset. Deaton emphasized the extensive impact of the SEC\u2019s lawsuit on Ripple, stating, \u201cI do not […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-4954","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/4954","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4954"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/4954\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}