The post Deaton Reveals How Industry Leaders, SEC and Competitors United Against Ripple appeared on BitcoinEthereumNews.com.

Attorney and XRP supporter John Deaton recently shared that it’s hard to truly measure the damage the SEC’s lawsuit against Ripple and XRP has caused to Ripple’s business. Back in 2012, when Ripple’s founders created XRP, stablecoins didn’t exist, and the global payments market was wide open for innovation. At the time, Ripple was deciding whether to focus on smart contracts or payments. In the end, Ripple chose to focus on cross-border payments, which he thinks made sense given the size of the market and the lack of stablecoins back then. In 2019, Coinbase listed XRP and promoted it as a way to send money internationally fast and cheaply. Later that year, MoneyGram started using XRP for transfers. But just 18 months later, the SEC filed a lawsuit, claiming that all XRP—regardless of how it was purchased—was an unregistered security. I do not believe one can properly estimate the damage to Ripple’s business caused by the sweeping nature of the SEC’s complaint against Ripple and XRP. You have to remember, in 2012, when @Ripple founders created XRP, stable coins did not exist and the cross border payments… https://t.co/eGailTGshP pic.twitter.com/UyX3KUycbW — John E Deaton (@JohnEDeaton1) December 31, 2024 After the lawsuit, Coinbase delisted XRP, and MoneyGram switched to using XLM instead. But Deaton asks, is there really a legal difference between using XRP or XLM for payments? However, XLM’s creator, Jed McCaleb, is also a co-founder of Ripple. Deaton argues that the SEC’s lawsuit is way too broad. He also points out that many of the people who pushed for the case against Ripple later worked for Ripple’s competitors. “But 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…

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Filed under: News - @ January 1, 2025 6:21 am