John Deaton explained how the US regulatory body SEC ruined the adoption rate of XRP over the last 3 years.
John Deaton is the founder of Crypto Law, a crypto-dedicated law firm. Deaton is a popular supporter of the XRP coin. Since the beginning of the XRP lawsuit, Deaton shared all hidden details & also motivated the XRP community to show indirect support for Ripple against the SEC’s charges.
On 22 Aug 2023, the CryptoLaw founder said that Coinbase exchange was supporting USDC stablecoin & XRP coin as the best cross-border payment method.
According to Deaton, Coinbase was supporting XRP coin on behalf of the XRP Ledger (XRPL) utility.
Furthermore, Deaton explained that Coinbase exchange started to promote XRP coin into the cross-border payment business, without any involvement of Ripple firm, for this they listed XRP coin but before that, they analyzed the nature of XRP coin to make sure that XRP was not security, to comply with the rules & regulations.
To know the status of the XRP coin, the Coinbase team held a meeting with SEC officials to discuss the XRP coin.
Through all these facts, Deaton tried to explain why the SEC body failed to object to the nature of the XRP coin or why they failed to immediately object when the exchange listed this crypto token.
Furthermore, Deaton also noted that MoneyGram also jumped into the cross-border payment business with the XRP coin use, alongside the existing fiat global payment services.
In Dec 2020, the US SEC sued Ripple Labs over controlling the XRP coin trade price & running a cross-border business with a crypto token, which was unregistered security under the purview of the SEC’s analysis.
After the suit, Coinbase & MoneyGram distanced their business operations from XRP coin. In the meantime, the SEC’s suit acted as the main factor to keep the XRP coin adoption away from the real use cases.