Deaton’s Role in Ripple SEC Case Praised by Bill Morgan
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John Deaton’s XRP advocacy earned praise from Bill Morgan for exceptional attorney integrity. Ripple’s XRP faced setbacks due to the SEC lawsuit but regained momentum with surging trading volumes. Deaton highlighted XRP’s 2012 dominance, before stablecoins, and Ripple’s role in cross-border payments. The 2020 lawsuit filed by the United States Securities and Exchange Commission (SEC) against Ripple not only challenged the fintech firm but also damaged XRP’s standing in the crypto market, according to trial attorney John Deaton. Known for his strong defense of Ripple and XRP advocacy, Deaton described the SEC’s legal action as overreaching, causing widespread harm to Ripple’s operations. In a post on X (formerly Twitter), Deaton claimed, “One cannot properly estimate the damage to Ripple’s business caused by the sweeping nature of the SEC’s complaint against Ripple and XRP.” Before stablecoins entered the market, XRP held a dominant position in 2012, demonstrating its early significance. 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 The Ripple Effect on Cross-Border Payments During its early years, Ripple concentrated on cross-border payments, gaining significant traction by 2019. That year, Coinbase listed XRP, and MoneyGram began using the token for transfers. However, the SEC’s lawsuit in 2020 derailed this progress, with Coinbase delisting XRP and MoneyGram shifting to Stellar (XLM). Read also: XRP Beats Bitcoin and Ethereum in South Korea: $1B Trading Volume Surge Deaton called the SEC’s complaint as the most overreaching legal action ever filed by the SEC. He added that XRP and XLM share many similarities, with Stellar’s creator,…
Filed under: News - @ January 2, 2025 11:25 am