US SEC Remains Silent on XRP, SOL, & ADA Roles, Clarifies John Deaton

Highlights

John Deaton claims that the US SEC hasn't released any clarifications on XRP, SOL, & ADA.
The SEC's official website released a document that details the altcoins' potential roles in the US.
Deaton's comment suggests that the document is not authored by the SEC.

Amid speculation about the future of XRP, SOL, and ADA in the US, reports suggest that the US SEC has released details about their potential roles under President Donald Trump. However, XRP lawyer John Deaton set the record straight, stating that the regulator hasn’t shared any such information.

Did US SEC Release Details on Crypto Roles? John Deaton Weighs In

According to recent reports, the US Securities and Exchange Commission (SEC) has released details on the potential roles of altcoins such as XRP, SOL, and ADA within the government. Reportedly, XRP is recognized as suitable for state-level financial transactions. Its primary goal is to optimize government payments and enhance interbank liquidity.

Meanwhile, ADA is deemed ideal for academic credentialing, smart contracts for government services, and secure infrastructure management. At the same time, SOL may be used for high-speed blockchain applications. These includes real-time government databases, secure voting mechanisms, and digital identity management.

However, XRP lawyer John Deaton dismissed these rumors asserting that the SEC still remains silent on the potential roles of these assets under the Trump government. He stated, “The SEC did not release any such thing.”

US SEC Acknowledges XRP as a Strategic Financial Asset

Reportedly, the US SEC acknowledged XRP as a strategic financial asset. The official website of the US SEC published a document entitled “Comprehensive Proposal: XRP as a Strategic Financial Asset for the US,” which explained how XRP is poised to play a pivotal role in the US financial landscape. The regulator also proposed the potential roles of other cryptocurrencies too. The document read,

Solana and Cardano should be integrated into U.S. digital infrastructure but not included in the reserve strategy. Instead, they enhance efficiency and security for state applications, while XRP remains the key asset for financial transactions.

While some claim this as the SEC’s clarification on the potential roles of these assets in the US government, John Deaton denies it. He has disputed the claim, stating that the regulator has not released any such clarification. This denial has sparked confusion and debate among crypto enthusiasts, highlighting the need for official confirmation from the US SEC.

This comes following John Deaton’s recent endorsement of Bitcoin amid the BTC vs XRP war. He highlighted Bitcoin’s potential, pointing out the significance of holding BTC in one’s portfolio.

Community Seeks Clarity on SEC Proposal, Appreciates John Deaton

Notably, John Deaton’s post gained widespread attention as it provides clarity to the prevailing rumors about the SEC’s clarifications on XRP, SOL, and ADA. This development comes on the heels of Trump’s decision to include these altcoins, along with Bitcoin, into the US reserve.

Many remain concerned about the circulating misinformation. Meanwhile, XRP lawyer Bill Morgan reinforced Deaton’s claim stating, “Where does it come from. Endless false information.”

Following John Deaton’s clarification, the community acknowledged that the document on the SEC’s website is merely a proposal submitted by someone. They believe that it might not be authored by the SEC itself. This development highlights the importance of verifying information through reputable sources to avoid spreading misinformation.

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Nynu V Jamal

Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape. Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master's degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet. Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn

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