SEC-Ripple lawsuit cost XRP 3 years of adoption: Lawyer


The United States Securities and Exchange Commission (SEC) lawsuit against Ripple filed in December 2020 has deprived the XRP token of nearly three years of adoption in the United States, said pro-XRP lawyer John E Deaton in a recent post on X (formerly Twitter).Deaton’s comments came amid Coinbase's announcement that they have acquired a minority stake in USD Coin (USDC) issuer Circle and will be working to “unlock additional utilities and grow the USDC ecosystem.” The lawyer reflected on how Ripple and XRP were on a trajectory of great adoption in cross-border payment and if not for the SEC lawsuit, the likes of Coinbase might have shown similar interest in Ripple. The pro-XRP lawyer reminded the community that Coinbase was one of the major promoters of XRP before the lawsuit forced the crypto exchange to delist the token.Deaton noted that Coinbase did its due diligence and even reached out to the SEC to check the regulatory status of XRP before listing it. Coinbase in its meeting in January 2019, explained to the SEC that it evaluated XRP based on its stringent regulatory framework for digital assets, the same framework a senior staff at the SEC had publicly complimented Coinbase on. 


The SEC at the time didn’t share any objection to the Coinbase listing proposal followed by the crypto exchange listing the XRP token in Feb 2019. Similarly, MoneyGram, a payment processor giant and a key Ripple remittance partner also filed a form with the SEC, disclosing how they plan to use XRP. MoneyGram faced no objection from the SEC either.Related: Ripple Labs bites back against SEC's request to file appealDeaton said that clearly, the lawyers at “MoneyGram also determined, just like Coinbase’s lawyers, and just like the SEC enforcement lawyers in June 2018, that XRP was NOT a security.” However, despite all the necessary measures taken by Ripple partners, SEC filed a lawsuit against Ripple in Dec 2020. The pro-XRP lawyer claimed that Ripple's lawsuit was used as a weapon. and said “all the evidence uncovered during the last 3 years proves it to be true.” He concluded that despite Ripple’s continued and impressive success outside the U.S., the lawsuit definitely hurt XRP’s adoption. On July 13, a New York District Court judge Analisa Torres ruled partially in favor of Ripple Labs, ruling that XRP sales on digital asset exchanges is not a security.Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say? 


Source : [SEC-Ripple lawsuit cost XRP 3 years of adoption: Lawyer]( undefined - Cointelegraph / August 22, 2023


240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata ICO Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma


Automata ICO Limited, a Company incorporated in Ireland with its registered office at 3rd Floor Ormond Building, 31-36 Ormond Quay Upper, Dublin 7, D07 Ee37, Ireland registered in Ireland under number 690280 has applied for a Virtual Asset Service Provider registration with the Central Bank of Ireland. Whilst the application is ongoing, we are permitted to continue business as a Virtual Asset Service Provider in line with the Central Bank of Ireland's regulatory disclosure statement as required under section 106L of the CJA 2010 in relation to registered VASPS.

Automata ICO Limited, a Permanent Establishment incorporated in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.