{"id":28577,"date":"2023-08-22T21:53:13","date_gmt":"2023-08-23T01:53:13","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=28577"},"modified":"2023-08-22T21:53:13","modified_gmt":"2023-08-23T01:53:13","slug":"by-the-numbers-deciphering-xrps-lost-momentum-amid-the-sec-lawsuit","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/22\/by-the-numbers-deciphering-xrps-lost-momentum-amid-the-sec-lawsuit\/","title":{"rendered":"By The Numbers: Deciphering XRP\u2019s Lost Momentum Amid The SEC Lawsuit"},"content":{"rendered":"

The US Securities and Exchange Commission\u2019s (SEC) legal tussle with Ripple over the XRP token may have significantly set its trajectory back in the US market. Crypto lawyer John Deaton explained<\/a> this in an X (formerly known as Twiter) post uploaded earlier today, shedding light on the ramifications of the SEC\u2019s lawsuit on XRP\u2019s potential adoption<\/a> in the US. <\/p>\n

You could NEVER underestimate the damage the SEC\u2019s lawsuit has caused \u2013 NOT ONLY AGAINST RIPPLE \u2013 BUT #XRP<\/a>. THREE YEARS OF ADOPTION \u2013 that\u2019s what it\u2019s caused.<\/p>\n

Just how long is 3 yrs \u2013 in crypto years?<\/p>\n

People seem to forget how much Coinbase promoted #XRP<\/a> before the lawsuit.\u2026 https:\/\/t.co\/1fZ3r8WCSd<\/a> pic.twitter.com\/GLu4kFUU38<\/a><\/p>\n

\u2014 John E Deaton (@JohnEDeaton1) August 22, 2023<\/a><\/p>\n

The comments come when discussions about regulatory clarity in crypto are more intense than ever, with token holders striving for clearer guidelines<\/a> in the North American country.<\/p>\n

The Coinbase Connection<\/h2>\n

According to Deaton, Coinbase, one of the pioneering cryptocurrency exchanges in the US, was at the forefront of promoting XRP before regulatory challenges arose. Deaton pointed out that before listing XRP, Coinbase proactively reached out to the SEC for clarity.<\/p>\n

In a meeting held in January 2019, Coinbase presented its regulatory framework for evaluating digital assets \u2013 a framework that had previously garnered admiration from senior SEC staff. With no objections raised by the SEC, Coinbase proceeded to list XRP the following month.<\/p>\n

In fact, in January 2019 Coinbase asked for and got a meeting with the @SECGov<\/a> to SPECIFICALLY DISCUSS THE REGULATORY STATUS OF #XRP<\/a>!<\/p>\n

Coinbase explained to the SEC that Coinbase had evaluated #XRP<\/a> and ran it through Coinbase\u2019s stringent regulatory framework for digital assets.<\/p>\n

\u2014 John E Deaton (@JohnEDeaton1) August 22, 2023<\/a><\/p>\n

Furthermore, the fact wasn\u2019t just restricted to Coinbase. Payment processing giant MoneyGram, which had established a partnership with Ripple for remittances, disclosed<\/a> its intentions to integrate with the XRP\u00a0 Ledger through a formal filing with the SEC. <\/p>\n

Much like the Coinbase instance, MoneyGram didn\u2019t receive any complaint from the regulatory body either, but the ensuing legal battle halted the company\u2019s plans.\u00a0<\/p>\n

The Controversial Lawsuit And Its Implications For XRP<\/h2>\n

Contrary to these initial interactions, the SEC filed a lawsuit<\/a> against Ripple in December 2020. Deaton emphasized that several industry stakeholders<\/a>, including the lawyers at MoneyGram and Coinbase, assessed XRP and determined it was not a security. Yet, the SEC\u2019s lawsuit against Ripple painted a contrasting narrative.<\/p>\n

Amazingly, despite all the above (and so much more), on December 22, 2020, less than 2 years AFTER Coinbase met with the SEC about #XRP<\/a>, and 18 months AFTER MoneyGram disclosed to the SEC it was utilizing #XRP<\/a>, and despite lawyers at the SEC not concluding #XRP<\/a> was a security in\u2026<\/p>\n

\u2014 John E Deaton (@JohnEDeaton1) August 22, 2023<\/a><\/p>\n

The following legal battle created was felt across the crypto industry. It raised questions about the regulatory landscape and brought forth discussions about the nature of cryptocurrencies<\/a> and how they are classified in the US.\u00a0<\/p>\n

While Ripple has seen commendable success outside the US, Deaton underscored that the lawsuit undeniably hindered XRP\u2019s adoption within the country.<\/p>\n

From Deaton\u2019s perspective, the evidence gathered over the past three years suggested that the lawsuit may have been part of a strategy. While it remains speculative to conclude the exact motivations behind the SEC\u2019s actions<\/a>, the impact on XRP\u2019s US adoption and the broader crypto market has been palpable.<\/p>\n

Deaton concluded:<\/p>\n

It is so clear the lawsuit was used as a weapon. I said it only 9 days after the Ripple lawsuit in a federal pleading, when I filed the Writ of Mandamus against the SEC, and all the evidence uncovered during the last 3 years proves it to be true.<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

The US Securities and Exchange Commission\u2019s (SEC) legal tussle with Ripple over the XRP token may have significantly set its trajectory back in the US market. Crypto lawyer John Deaton explained<\/a> this in an X (formerly known as Twiter) post uploaded earlier today, shedding light on the ramifications of the SEC\u2019s lawsuit on XRP\u2019s potential adoption<\/a> in the US. <\/p>\n

You could NEVER underestimate the damage the SEC\u2019s lawsuit has caused \u2013 NOT ONLY AGAINST RIPPLE \u2013 BUT #XRP<\/a>. THREE YEARS OF ADOPTION \u2013 that\u2019s what it\u2019s caused.<\/p>\n

Just how long is 3 yrs \u2013 in crypto years?<\/p>\n

People seem to forget how much Coinbase promoted #XRP<\/a> before the lawsuit.\u2026 https:\/\/t.co\/1fZ3r8WCSd<\/a> pic.twitter.com\/GLu4kFUU38<\/a><\/p>\n

\u2014 John E Deaton (@JohnEDeaton1) August 22, 2023<\/a><\/p>\n

The comments come when discussions about regulatory clarity in crypto are more intense than ever, with token holders striving for clearer guidelines<\/a> in the North American country.<\/p>\n

The Coinbase Connection<\/h2>\n

According to Deaton, Coinbase, one of the pioneering cryptocurrency exchanges in the US, was at the forefront of promoting XRP before regulatory challenges arose. Deaton pointed out that before listing XRP, Coinbase proactively reached out to the SEC for clarity.<\/p>\n

In a meeting held in January 2019, Coinbase presented its regulatory framework for evaluating digital assets \u2013 a framework that had previously garnered admiration from senior SEC staff. With no objections raised by the SEC, Coinbase proceeded to list XRP the following month.<\/p>\n

In fact, in January 2019 Coinbase asked for and got a meeting with the @SECGov<\/a> to SPECIFICALLY DISCUSS THE REGULATORY STATUS OF #XRP<\/a>!<\/p>\n

Coinbase explained to the SEC that Coinbase had evaluated #XRP<\/a> and ran it through Coinbase\u2019s stringent regulatory framework for digital assets.<\/p>\n

\u2014 John E Deaton (@JohnEDeaton1) August 22, 2023<\/a><\/p>\n

Furthermore, the fact wasn\u2019t just restricted to Coinbase. Payment processing giant MoneyGram, which had established a partnership with Ripple for remittances, disclosed<\/a> its intentions to integrate with the XRP\u00a0 Ledger through a formal filing with the SEC. <\/p>\n

Much like the Coinbase instance, MoneyGram didn\u2019t receive any complaint from the regulatory body either, but the ensuing legal battle halted the company\u2019s plans.\u00a0<\/p>\n

The Controversial Lawsuit And Its Implications For XRP<\/h2>\n

Contrary to these initial interactions, the SEC filed a lawsuit<\/a> against Ripple in December 2020. Deaton emphasized that several industry stakeholders<\/a>, including the lawyers at MoneyGram and Coinbase, assessed XRP and determined it was not a security. Yet, the SEC\u2019s lawsuit against Ripple painted a contrasting narrative.<\/p>\n

Amazingly, despite all the above (and so much more), on December 22, 2020, less than 2 years AFTER Coinbase met with the SEC about #XRP<\/a>, and 18 months AFTER MoneyGram disclosed to the SEC it was utilizing #XRP<\/a>, and despite lawyers at the SEC not concluding #XRP<\/a> was a security in\u2026<\/p>\n

\u2014 John E Deaton (@JohnEDeaton1) August 22, 2023<\/a><\/p>\n

The following legal battle created was felt across the crypto industry. It raised questions about the regulatory landscape and brought forth discussions about the nature of cryptocurrencies<\/a> and how they are classified in the US.\u00a0<\/p>\n

While Ripple has seen commendable success outside the US, Deaton underscored that the lawsuit undeniably hindered XRP\u2019s adoption within the country.<\/p>\n

From Deaton\u2019s perspective, the evidence gathered over the past three years suggested that the lawsuit may have been part of a strategy. While it remains speculative to conclude the exact motivations behind the SEC\u2019s actions<\/a>, the impact on XRP\u2019s US adoption and the broader crypto market has been palpable.<\/p>\n

Deaton concluded:<\/p>\n

It is so clear the lawsuit was used as a weapon. I said it only 9 days after the Ripple lawsuit in a federal pleading, when I filed the Writ of Mandamus against the SEC, and all the evidence uncovered during the last 3 years proves it to be true.<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-28577","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=28577"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28577\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28577"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}