The lawyer provides an old image showing the Coinbase user interface. In the center of a graphic is XRP, next to the crypto exchange’s own stablecoin. In an info text, the company advertised the transfer of cryptocurrency due to the low cost and high speed.
Deaton is convinced: The enthusiasm of Coinbase and other companies is based on the sheer usefulness of XRP. However, all of this was indirectly stopped by the SEC lawsuit.
The lawsuit has not been finally averted to this day, although a judgment was made in July in favor of Ripple. However, the SEC has since appealed. The further outcome is therefore to be awaited.
Ripple itself reported after the judgment in July that a number of banks had expressed an interest in using the token XRP and the associated RippleNet. In his detailed Twitter post, attorney Deaton explains that corporate interest in cryptocurrency was huge even before the SEC lawsuit.
For Deaton, this is another indication that the SEC’s lawsuit is based on false facts. According to this, XRP is not an investment contract that benefits from the advertising of the publisher – as the US regulator claims.
Another example is the financial service provider MoneyGram, which also wanted to access Ripple’s technology to better process cross-border payments.
In a letter to the SEC from June 2019, MoneyGram even explicitly explained how they wanted to use XRP.
The point is this: what could have happened in the last 3 years regarding the adoption of XRP if the lawsuit had never been filed? 🤷♂️ Would Coinbase announce today that it has acquired a stake in Ripple instead of Circle?
Despite these circumstances, XRP has been able to remain one of the largest cryptocurrencies and today ranks fifth by market capitalization. According to Deaton, that success relies 95% on the rest of the world. Had it not been for the conflicts in the US, XRP would be trading at a much higher price today, the attorney believes.
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