Pro-XRP Lawyer Deaton Reveals How SEC And Competitors United Vs. Ripple

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’s competitors, suggesting a coordinated effort to undermine the company and its digital asset.

Deaton emphasized the extensive impact of the SEC’s lawsuit on Ripple, stating, “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.” He underscored the historical context, noting, “You have to remember, in 2012, when Ripple founders created XRP, stablecoins did not exist and the cross border payments market was wide open and ripe for such disruptive technology. Clearly, it still is today.”

Insights from Deaton On The XRP Lawsuit

Reflecting on Ripple’s 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, the co-founder of Ethereum, was residing with Ripple’s then-CTO, Stefan Thomas.

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. “Considering 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,” Deaton explained.

Supporting Ripple’s 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.

Deaton also highlighted key milestones that initially bolstered the digital asset’s adoption. “After Coinbase listed XRP in February 2019, Coinbase promoted both XRP

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Author: Jake Simmons

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