There have been significant developments for the popular altcoin Ripple (XRP). Lawyer John E. Deaton, who made a statement to the blockchain company Ripple, who was at a hearing the other day, announced that he bought XRP. Here are the details…
What happened in the Ripple case?
Zakinov v. Following yesterday’s hearing of the Ripple lawsuit, US District Judge Phyllis J. Hamilton is considering the arguments of investors accusing Ripple of offering unregistered securities. According to a report from Law360, a subscription-based legal news service, Judge Hamilton raised the question of whether XRP could be considered a registered security.
According to Judge Hamilton, the current disclosures have not made it clear whether courts can approve investors who have questions about whether certain cryptocurrencies constitute unregistered securities. The judge agreed that cryptocurrencies are probably a new area of law that has not been addressed in the past. He described his experience during a recent judicial conference held by the Northern District of California. At the end of the conference, where a panel on cryptocurrency securities lawsuits was held, attendees were confused.
“At the end of the panel, we all looked just as confused as when the panel started,” the judge said. However, Judge Hamilton believes that whether crypto constitutes a security depends on what triggered the investor’s decision to purchase the asset in the first place. cryptocoin.com It should be noted that as we reported earlier, Judge Hamilton commented on a request to document a class of all XRP holders who bought, sold and held the sixth largest cryptocurrency at a loss during yesterday’s hearing.
Lawyer buys altcoin
Meanwhile, pro-XRP attorney John E. Deaton explained why he bought XRP. In a tweet yesterday, CryptoLaw founder and pro-XRP attorney John Deaton explained what triggered his decision to buy XRP, the sixth largest cryptocurrency by market capitalization. Attorney Deaton purchased the first XRP coin in 2016 due to the asset being used for cross-border payments. The crypto advocate claimed that San Francisco-based exchange Coinbase increased its XRP holdings in 2019, when it listed XRP and highlighted it as a suitable cryptocurrency for cross-border transactions.
Deaton added an image from Coinbase in which the crypto exchange promotes XRP and USDC as cryptocurrencies that allow people to send and receive money across borders, including to Mexico, the Philippines, and India. The XRP proponent announced this while reacting to reports that the Chinese Yuan has overtaken the US dollar as the most used currency in China’s cross-border transactions. Reacting to the report, Deaton said, “While China is reducing demand for banknotes through its monetary policies, the US is struggling not to adopt crypto.”
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