SEC Denies Reports on XRP, SOL, ADA Roles in US Government

Recent reports have suggested that the US Securities and Exchange Commission (SEC) has released details on the potential roles of cryptocurrencies such as XRP, SOL, and ADA within the government. According to these reports, XRP is recognized as suitable for state-level financial transactions, aiming to optimize government payments and enhance interbank liquidity. ADA is deemed ideal for academic credentialing, smart contracts for government services, and secure infrastructure management. Meanwhile, SOL is proposed for high-speed blockchain applications, including real-time government databases, secure voting mechanisms, and digital identity management.

However, XRP lawyer John Deaton has clarified that these reports are inaccurate. Deaton stated that the SEC has not released any such information, dismissing the rumors as false. This clarification comes amid speculation about the future of these cryptocurrencies in the US, particularly under the Trump administration. Deaton's statement has sparked confusion and debate among crypto enthusiasts, highlighting the need for official confirmation from the SEC.

Additionally, there have been claims that the SEC acknowledged XRP as a strategic financial asset, with a document titled “Comprehensive Proposal: XRP as a Strategic Financial Asset for the US” published on the SEC's official website. This document proposed the potential roles of other cryptocurrencies as well, suggesting that Solana and Cardano should be integrated into the US digital infrastructure to enhance efficiency and security for state applications, while XRP remains the key asset for financial transactions. However, Deaton has disputed this claim, stating that the regulator has not released any such clarification.

John Deaton's clarification has gained widespread attention, providing much-needed clarity to the prevailing rumors about the SEC's stance on XRP, SOL, and ADA. This development comes as the community seeks official confirmation from the SEC to avoid the spread of misinformation. XRP lawyer Bill Morgan reinforced Deaton’s claim, stating that the circulating information is false. The community now acknowledges that the document on the SEC's website is merely a proposal submitted by someone and might not be authored by the SEC itself, emphasizing the importance of verifying information through reputable sources.