Renowned lawyer John Deaton, known for his support of Ripple (XRP), said Michael Saylor’s recent comments on altcoins were “nonsense”.
MicroStrategy CEO Saylor said in a recent interview with Not Investment Advice that “all legitimate talent is working on top of the Bitcoin ecosystem.”
“If you are honest, ethical, and competent, you are building something on Lightning or developing an app.”
Koinfinans.com As we have reported, Saylor is also active in the crypto market. Bitcoin (BTC) He claimed that other projects that competed with it had the potential to become unregistered securities because they were not “centralised”. So he indirectly said that the rest of the coins are securities. By contrast, Deaton said Saylor’s comments were “disturbing”. stated.
“The problem with Saylor’s analysis is that he equates every potential developer with the platforms’ founders.
If he wants to criticize the altcoin founders by comparing them to Bitcoin, that’s understandable and I wouldn’t mind if I agree with him or not. But we’re talking about an open, permissionless distributed ledger technology. Pre-generated tokens are not distributed to every developer.
How about a developer who comes in and develops an app on one of these platforms and has never met or even talked to the founders or anyone involved with the creation of the technology? Do you really call them unethical?”
Deaton pointed to a developer named Jaskaran Kambo, who has created a Bitcoin payment app called “SpendTheBits” on XRP Ledger. Deaton said that Kambo does not know anyone from Ripple, and likewise, Ripple does not know anyone from the opposite side.
The XRP supporter also opposed Saylor’s analysis that most crypto projects are unregistered securities.
“Saylor basically argues that if you are aware of the law, you can ONLY build something on Bitcoin because the rest of the coins are securities. Saylor’s analysis of what constitutes a security is deeply flawed – which is quite surprising given how clever he is.”
Last month, Saylor said smart contract platforms Ethereum (ETH) and Cardano (ADA) are both securities.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.