In a surprising revelation, John Deaton, the prominent lawyer representing XRP holders in the Ripple vs. SEC lawsuit, has made a bold claim about Ripple’s pivotal role in facilitating cross-border payments. Deaton asserts that Ripple had advocated for using cryptocurrencies in international transactions as early as 2015, long before the concept gained significant traction.
Despite Ripple’s groundbreaking efforts, Deaton acknowledged the substantial damage inflicted upon Ripple and the broader use of XRP due to the ongoing legal case with the US Securities and Exchange Commission (SEC).
“Despite Ripple’s impressive international growth, you simply cannot underestimate the damage the case has caused to Ripple and XRP,” remarked Deaton, highlighting the detrimental impact of the litigation.
The repercussions of Deaton’s tweet rolled through the crypto community, with one member of the XRP community proposing a counter-lawsuit against the SEC and the government itself. Seeking compensation for potential revenue loss, internal development damage, defamation of XRP CEO Brad Garlinghouse and Chairman Chris Larsen, and the expenses incurred during the legal battle, this individual strongly believed that someone should be held accountable for the resulting harm.
Amidst the online discussion, a Twitter user named Rick Smiddy injected politics into the conversation, suggesting a deliberate act by Democrats to protect bankers. Although lacking concrete evidence, Smiddy’s comment resonated with concerns about the underlying motivations behind the case and its potential impact on the crypto industry as a whole.
Despite Ripple’s pioneering efforts in cross-border payments since 2015, the ongoing litigation has significantly tarnished the company’s reputation and impeded its growth. The lack of clarity regarding the case has given rise to apprehension among investors and partners, resulting in the removal of XRP from multiple cryptocurrency exchanges.
However, after releasing a critical judicial document earlier this month, the legal battle seems to be closing, bringing some hope for Ripple and its supporters.
Ripple’s Steady Progress In Cross-Border Payments
While the legal proceedings have posed obstacles for XRP, the company has continued to advance in cross-border payments within the crypto landscape. Last month, XRP collaborated with the International Monetary Fund (IMF) to explore strategies for facilitating cross-border payments using central bank digital currencies.
Despite facing challenges, XRP continues revolutionizing cross-border payments to regain its prominence in the crypto industry. The outcome of this endeavor has the potential to reshape the future of XRP, and the broader landscape of global financial transactions, regardless of the obstacles encountered along the way.
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