{"id":6827,"date":"2025-01-01T14:11:26","date_gmt":"2025-01-01T13:11:26","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=6827"},"modified":"2025-01-01T14:11:26","modified_gmt":"2025-01-01T13:11:26","slug":"unmasking-the-alliance-how-the-sec-and-rivals-conspired-against-ripple-in-the-xrp-battle","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/01\/unmasking-the-alliance-how-the-sec-and-rivals-conspired-against-ripple-in-the-xrp-battle\/","title":{"rendered":"Unmasking the Alliance: How the SEC and Rivals Conspired Against Ripple in the XRP Battle"},"content":{"rendered":"

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In a update<\/a> on X, notable pro-XRP lawyer, John E. Deaton, illuminated the complex interactions between the US Securities and Exchange Commission (SEC) and Ripple\u2019s rivals, implying a united endeavor to weaken the firm and its cryptocurrency.<\/p>\n

Deaton stressed the substantial consequences of the SEC\u2019s litigation on Ripple, asserting, \u201cI do not think one can accurately gauge the harm to Ripple\u2019s operations inflicted by the comprehensive nature of the SEC\u2019s allegations against Ripple.\u201d He highlighted the historical backdrop, remarking, \u201cYou must recall, in 2012, when Ripple creators established XRP, stablecoins<\/a> were nonexistent and the international payments sector was completely open and suitable for such revolutionary advancement. Undoubtedly, it remains so today.\u201d<\/p>\n

Perspectives from Deaton Regarding The XRP Litigation<\/h2>\n

Reflecting on Ripple\u2019s tactical choices during its formative phase, Deaton reminisced about the significant discussion surrounding whether Ripple should emphasize smart contracts or payment solutions. He pointed out an intriguing story from that time: Vitalik Buterin<\/a>, the Ethereum co-founder, was residing with Ripple\u2019s then-CTO, Stefan Thomas.<\/p>\n

Ultimately, Ripple decided to concentrate on cross-border transactions, a decision Deaton considers astute given the lack of stablecoins and the immense possibilities of the global cross-border payments sector. \u201cGiven that stablecoins were nonexistent back then and taking into account the vastness of the international cross-border payments market, I understand why,\u201d Deaton elaborated.<\/p>\n

To support Ripple\u2019s strategic emphasis, Deaton cited statistics indicating the remarkable rise in cross-border payment activities. In 2022, these dealings exceeded $150 trillion, encompassing more than 96% of the total cross-border payment volume, with forecasts rising to $250 trillion by 2027. This upsurge is propelled by the growth of international trade, the surge in global e-commerce, and the enhanced mobility of individuals and enterprises across borders.<\/p>\n

Deaton also pointed out essential milestones that initially enhanced the digital asset\u2019s acceptance. \u201cAfter Coinbase listed XRP in February 2019, Coinbase advocated both XRP and USDC\u2019s functionality in transferring funds internationally, in mere seconds, and virtually at no cost. In June 2019, MoneyGram commenced using XRP,\u201d he noted.<\/p>\n

Yet, the situation took a striking shift when the SEC instituted legal action against Ripple in December 2021. \u201cFollowing the SEC\u2019s lawsuit against Ripple, Coinbase removed XRP from its platform and MoneyGram transitioned<\/a> from utilizing XRP to adopting XLM instead,\u201d Deaton recounted.<\/p>\n

Critiquing the SEC\u2019s strategy, Deaton inquired, \u201cIs anyone really going to claim that there was a substantial difference, UNDER THE LAW, between MoneyGram opting for XLM over XRP?\u201d He highlighted the ironic twist in the SEC\u2019s maneuvers, noting, \u201cXLM\u2019s founder, Jed McCaleb<\/a>, is also a co-founder of Ripple & XRP!\u201d<\/p>\n

Deaton characterized the SEC\u2019s allegations as excessively expansive, stating, \u201cThe SEC\u2019s Complaint against Ripple and XRP is undoubtedly the most grossly overreaching Complaint possibly ever lodged by the SEC.\u201d He further accused the SEC of possible conflicts of interest, revealing that individuals implicated in the lawsuit later allied with Ripple\u2019s competitors. \u201cThen, those same individuals who advocated for the case against Ripple to be initiated, proceeded to engage with or for Ripple\u2019s rivals,\u201d he asserted.<\/p>\n

Responding to doubts regarding his intentions, Deaton clarified his financial interests and autonomy. \u201cFirst, as I disclosed in FEC filings, 80% of my net worth is in BTC. Second, when Eleanor Terrett and Charles Gasparino published their comprehensive report on the case in November 2021, they stated: \u2018Deaton is certainly no Ripple enthusiast. He is critical of the reality that Ripple itself has liquidated approximately $800 million \u2026\u2019\u201d<\/p>\n

He concluded, \u201cHowever, when you evaluate the conditions surrounding how this case was launched, including the immense conflicts of interests, and the fact that individuals behind the lawsuit went on to assist or work for Ripple\u2019s competitors, you don\u2019t need to be an admirer to call it out.\u201d<\/p>\n

At the time of publication, XRP was trading at $2.12.<\/p>\n

XRP price, 1-week chart | Source: XRPUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from YouTube, chart from TradingView.com<\/p>\n<\/p><\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In a update on X, notable pro-XRP lawyer, John E. Deaton, illuminated the complex interactions between the US Securities and Exchange Commission (SEC) and Ripple\u2019s rivals, implying a united endeavor to weaken the firm and its cryptocurrency. Deaton stressed the substantial consequences of the SEC\u2019s litigation on Ripple, asserting, \u201cI do not think one can<\/p>\n","protected":false},"author":3,"featured_media":6828,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[680,681],"class_list":["post-6827","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","tag-gptreturn-a-list-of-comma-separated-tags-from-this-title-pro-xrp-lawyer-reveals-how-sec","tag-competitors-united-vs-ripple-gpt"],"yoast_head":"\nUnmasking the Alliance: How the SEC and Rivals Conspired Against Ripple in the XRP Battle - WSJ-Crypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/01\/unmasking-the-alliance-how-the-sec-and-rivals-conspired-against-ripple-in-the-xrp-battle\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Unmasking the Alliance: How the SEC and Rivals Conspired Against Ripple in the XRP Battle - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"In a update on X, notable pro-XRP lawyer, John E. 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