XRP's Legal Saga Continues Amidst Institutional Milestones
Facing Legal Pressure Once More, a Veteran from Ripple Responds to Allegations of Scams
The ongoing debate about Ripple (XRP) refuses to simmer down, and it seems to be gaining momentum as the altcoin garners popularity with major institutional endorsements, yet remains entangled in legal challenges.
John Deaton's Response to XRP Criticisms
Prominent attorney John Deaton, who represented XRP holders in the Ripple v. SEC case, recently stepped up to defend the controversial cryptocurrency when a detractor dismissed it as nothing more than a scam and advocated for Bitcoin and Ethereum as the sole legitimate digital assets.
Deaton's response extended beyond mere defense, questioning the broader framing of regulatory fairness in the cryptocurrency realm. He argued that labeling all XRP as a security, regardless of its acquisition method, is a line that should not be crossed. According to Deaton, this opinion overlooks the essence of market freedom and the free-market approach.
Deaton, not a Bitcoin skeptic, noted that 80% of his net worth is in Bitcoin. However, he bases his criticism of the SEC on the inconsistency in application of rules rather than a pro-XRP stance. Instead, he views the rules as tools to foster growth and innovation in the cryptocurrency market, not as weapons to suppress it.
CME's XRP Futures Launch
In a major win for XRP, the Chicago Mercantile Exchange (CME) announced that XRP futures trading would launch on May 19, 2025 [1]. This move is a strong indication of growing confidence from significant institutional players. But as the asset inched forward, a fresh legal cloud appeared on the horizion.
New Lawsuit Against Coinbase
XRP found itself listed as an unregistered security in a recent lawsuit filed by Oregon's Attorney General Dan Rayfield against Coinbase. Other big-name tokens, such as ADA, AVAX, AAVE, UNI, and LINK, were also included in this lawsuit. Paradigm's Justin Slaughter pointed out this move, while Coinbase dismissed it as an example of regulatory overreach disguised as enforcement [2].
[1] Alex Dovbnya, "CME to Introduce XRP Futures," [Date Accessed: 24 March 2023][2] Valeria Blokhina, "XRP Named as Unregistered Security in New Lawsuit, Solana and XRP Leading in ETF Filings, Shiba Inu Eyes Key Resistance Breakout: Crypto News Digest by U.Today," [Date Accessed: 24 March 2023][3] Bitcoins Chronicle, "Ripple to Pay $50 Million Fine as SEC Lawsuit Could Be Resolved as Early as June," [Date Accessed: 24 March 2023][4] CoinTelegraph, "Ripple and SEC Pause Lawsuit Ahead of Possible Settlement," [Date Accessed: 24 March 2023][5] CoinDesk, "Ripple and the SEC's Lawsuit Pauses Ahead of Possible Settlement," [Date Accessed: 24 March 2023]
- Amidst the ongoing debate over XRP's status as a security, John Deaton, who represented XRP holders in the Ripple v. SEC case, recently criticized opinions that label all XRP as a security, arguing this overlooks market freedom and the free-market approach.
- Deaton, who has 80% of his net worth in Bitcoin, pointed out the inconsistency in the application of rules by the SEC as the core of his criticism, not a pro-XRP stance.
- In a significant move, the Chicago Mercantile Exchange (CME) announced that XRP futures trading would launch on May 19, 2025, signaling growing institutional confidence in XRP.
- However, XRP found itself listed as an unregistered security in a recent lawsuit filed by Oregon's Attorney General Dan Rayfield against Coinbase, along with other tokens like ADA, AVAX, AAVE, UNI, and LINK.
- As the cryptocurrency market evolves, the legal saga surrounding XRP continues, with Ripple reportedly paying a $50 million fine and a potential settlement with the SEC on the horizon.
- Meanwhile, Coinbase, in response to the lawsuit, dismissed it as an example of regulatory overreach disguised as enforcement.
