Renowned crypto lawyer and pro-XRP advocate John Deaton has struck back at the U.S. Securities and Exchange Commission again, accusing the regulator of stunting XRP’s growth and adoption in the U.S. According to him, the two-and-a-half legal tussle between the SEC and Ripple affected XRP’s use as a payment option in the U.S.
In a lengthy thread on X, Deaton gave an example that he termed “small yet significant” of how the lawsuit hurt Ripple’s business. In the post, he pointed out that even though crypto payment has seen increased adoption recently, XRP is still not accepted in the U.S.
Here’s is a small yet significant example of how the lawsuit hurt #XRP’s adoption. I was just purchasing an item over the internet and the payment options include: “Pay with cryptocurrency with @BitPay.”— John E Deaton (@JohnEDeaton1) September 3, 2023
BitPay originally included #XRP – it was one of the first ones utilized.… pic.twitter.com/MGsbWEGnOA
He referenced crypto payments available on BitPay, a cryptocurrency payment platform used by Amazon, as an example. Deaton said that BitPay initially processed XRP payments in the U.S., but the platform stopped after the SEC’s lawsuit against Ripple.
The lawyer lamented the irony of DOGE, a cryptocurrency created as a joke, being accepted for payments on BitPay, while XRP, a token developed specifically for payments, is not accepted.
The Ripple v. SEC lawsuit started after the regulator accused the company of violating securities laws. SEC claimed that XRP, issued by Ripple, qualified as a securities token.
However, a recent decision by a U.S. court ruled partially otherwise. Dismissing the SEC’s claims, the court held that secondary sales of XRP do not constitute securities offerings, although earlier sales of XRP by Ripple to institutional investors were deemed securities.
Relentless as ever, the SEC is appealing to have the partial victory in Ripple’s favor overruled. However, in a filing last Friday, Ripple said the regulator doesn’t have enough ground to appeal the court decision or seek an appeals court intervention.
Since the ruling in July, many allegations have emerged against the SEC. Many of the allegations accuse the SEC of witch-hunting crypto companies and letting personal bias influence their actions.