John Deaton, the founder of CryptoLaw.US and a vocal Ripple supporter, believes that the ongoing legal battle between Ripple and the SEC has inadvertently attracted millions of new users to XRP.
Despite the SEC’s lawsuit against Ripple, Deaton argues that the regulatory scrutiny acted as a “promotion campaign” for the cryptocurrency, resulting in a significant increase in XRP wallet holders.
According to John Deaton, the SEC’s legal action against Ripple has inadvertently given the cryptocurrency a boost in popularity.
Despite the regulator’s claims that XRP is an unregistered security, Deaton argues that the attention drawn by the lawsuit has attracted a large number of new buyers.
Deaton tweeted that he has “zero doubt” that more people have become XRP holders due to the SEC’s scrutiny than ever before. The number of XRP wallet addresses has now surpassed 4 million, suggesting a significant increase in adoption.
In a separate tweet, Deaton highlighted the perceived speed advantage of XRP payments over Bitcoin. He noted that many individuals who experienced faster transaction processing with XRP were motivated to purchase substantial amounts of the cryptocurrency. This observation underscores the role of XRP’s technological capabilities in attracting new users.
Prominent Bitcoin advocate Max Keiser responded to Deaton’s tweets, expressing his skepticism towards XRP’s long-term survival.
Keiser labeled XRP as “too centralized” to thrive in the regulatory environment where the SEC operates. He predicted that the SEC would eventually win the lawsuit against Ripple, leading to the shutdown of XRP.
Keiser’s opinions reflect the ongoing debates and differing perspectives within the crypto community regarding XRP’s future.
The SEC’s recent lawsuits against Coinbase and Binance for alleged securities law violations have added to the regulatory pressure faced by cryptocurrency exchanges.
Deaton’s criticisms of Bitcoin maximalists celebrating regulatory actions highlight the conflicted environment in which cryptocurrencies operate.
This broader regulatory landscape adds complexity to the outcome of the Ripple-SEC lawsuit and its potential impact on the crypto industry as a whole.