John Deaton, a lawyer and founder of CryptoLaw, believes that the lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple affected the adoption of its native token, XRP. Deaton claims that if the SEC had not filed charges, XRP may have seen greater adoption, citing major cryptocurrency exchange Coinbase and money transfer giant MoneyGram as some of the biggest adopters of XRP for cross-border payments. He also alleges that Coinbase met with the SEC in 2019 and stated that XRP was not a security, leading the exchange to list the token on its platform. However, following the SEC’s lawsuit against Ripple in December 2020, Coinbase delisted XRP along with other exchanges. Deaton argues that the SEC’s lawsuit was used as a weapon, and evidence uncovered over the past three years supports this claim.
AI Sentiment: Neutral