John Deaton, a crypto and pro-Ripple lawyer, thinks there is “no way Ripple,” the blockchain company whose two key executives were sued by the United States Securities and Exchange Commission (SEC), will abandon XRP, the native currency of the XRPL.
Based on Deaton’s assessment, Ripple has a “fiduciary duty” not to dump the coin regardless of the state of the market or the regulatory environment the firm or XRP finds itself in.
Ripple Won’t Abandon XRP: Crypto Lawyer
Taking to X on November 2, the crypto lawyer highlighted the firm’s growth over the years since first raising funds in 2015. Then, after obtaining its Serie A funding, it was valued at 128 million.
In 2020, Ripple was valued at $10 billion during its Serie C funding round, first announced in December 2019. The funding round raised $200 million, with Tegragon leading and SBI Holdings, a key Ripple partner in Southeast Asia, also participating. The share price at this round wasn’t made public. A year later, in December 2022, Ripple bought back its Series C shares at a 50% higher price, as noted by Deaton.
The lawyer assesses that Ripple’s decision to buy back its Series C shares meant that the company was bullish on what lay ahead despite the state of the market and the regulatory challenges at that time. In 2022, Ripple and the SEC were still embroiled in a case after the regulator filed a lawsuit in December 2020. The agency alleged that Ripple raised over $1 billion in funds through an illegal initial coin offering (ICO) where they issued XRP, a crypto asset they were insistent was an unregistered security.
XRP Is Not A Security, Will Prices Rally Beyond $1?
In July 2023, Judge Analisa Torres of the Southern District of New York
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Author: Dalmas Ngetich
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