XRP News: John Deaton Comments On XRP’s Centralized Security Claims

XRP News: Pro-XRP lawyer John Deaton has fired back at renowned investor Jason over his claim that the asset is a centralized security. Jason’s remarks have sparked intense debate, with many in the crypto community questioning his stance. Deaton, who played a crucial role in Ripple’s legal battle against the US SEC, strongly countered the investor’s claims, offering to educate him on the law.

Investor Sparks Debate With ‘XRP Is A Centrally Controlled Security’ Claim

In the latest XRP news, renowned investor Jason made headlines with his controversial statement on the X platform about the asset’s status. In an X post, he argued that “XRP is a centrally controlled security” and is vastly different from Bitcoin. He claimed that if the US SEC allows XRP to trade freely, it would undermine securities law and cause chaos in financial markets.

According to Jason, a lack of regulation could lead to startups and funds dumping tokens on retail investors, disrupting market stability. Besides, he suggested that only sophisticated investors should be allowed to trade XRP, as they understand the risks involved in such projects. His remarks ignited strong reactions from the XRP community, with many accusing him of spreading misinformation.

Pro-XRP Lawyer John Deaton Reacts

John Deaton, a well-known pro-XRP attorney, highlighted Jason’s view while countering the claims. In an X post, Deaton criticized Jason’s comments, highlighting his own legal expertise and past victories against the SEC. The lawyer wrote:

“As someone who publicly disclosed (while running for U.S. Senate) owning 80% of his net worth in Bitcoin and, as someone who fought the SEC over this very issue and won (with a lifelong democratic judge, appointed by Barack Obama, citing to my efforts and legal work), I’d be happy to educate Jason on the law, if he desires.”

He further implied that Jason might be pushing a biased narrative rather than engaging in a fair discussion. Meanwhile, Deaton’s response gained significant traction within the crypto community, reinforcing his credibility as a key advocate for not only Ripple but its native asset XRP.

Ripple Community Comes Forward

As this recent comment from Jason made headlines in the XRP news thread, it also drew criticism from other market analysts. Notably, EGRAG CRYPTO, a renowned market analyst, called out Jason for restricting comments on his post. He claimed that this move prevents open discussion. EGRAG CRYPTO wrote:

“I used to respect you Jason but first open up the comment section so we can educate you mate.”

He also suggested that Jason’s political affiliations might be influencing his stance on XRP. The broader XRP community echoed similar sentiments, urging Jason to reconsider his perspective and engage in transparent discussions.

XRP’s Status In Doubt

This recent comment claiming XRP is centralized and controlled security comes after recent reports over the crypto’s commodity status. For context, the US Securities and Exchange Commission (SEC) has acknowledged multiple XRP ETF applications, aligning them with Bitcoin and Ethereum, which are widely viewed as commodities.

This has fueled speculations about the US SEC labeled XRP as a commodity. However, the SEC hasn’t explicitly confirmed XRP’s commodity status, but the acknowledgment of the filings suggests a shift in regulatory stance while final clarity is pending. Typically, 19b-4 forms, which these asset managers used to file for an XRP ETF are only used for commodities, which is why the SEC’s acknowledgment indicates that it considers XRP a commodity and not a security.

Notably, this comment from Jason also comes as XRP price recorded a drop of nearly 3% today, falling below the $2.7 support. However, despite the recent dip, the market experts remain optimistic about the future trajectory of the coin. For context, a top market expert recently predicted that XRP might hit $8 within the next 30 days.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.