XRP Lawyer Debunks False SEC Claims on Crypto Use in US Payments

John Deaton, a prominent lawyer representing XRP holders, has addressed and refuted false claims circulating about the potential roles of XRP, SOL, and ADA in state-level payments within the United States. These claims suggested that the U.S. Securities and Exchange Commission (SEC) had released details outlining the strategic use of these cryptocurrencies in various government applications. According to the misinformation, XRP was purportedly recognized for optimizing government payments and enhancing interbank liquidity, while ADA was deemed suitable for academic credentialing and smart contracts, and SOL for high-speed blockchain applications.

However, Deaton has categorically denied these assertions, stating that the SEC has not issued any such clarifications. He emphasized that the document circulating on the SEC's official website, titled “Comprehensive Proposal: XRP as a Strategic Financial Asset for the US,” is not an official release from the regulator. This document proposed integrating Solana and Cardano into the U.S. digital infrastructure for enhancing efficiency and security in state applications, with XRP remaining the key asset for financial transactions. Deaton's denial has sparked confusion and debate among crypto enthusiasts, underscoring the necessity for official confirmation from the SEC.

The community has responded positively to Deaton's clarification, acknowledging that the document in question is merely a proposal submitted by an individual and not authored by the SEC. This development highlights the importance of verifying information through reliable sources to prevent the spread of misinformation. The controversy has also brought attention to the need for clear and official statements from regulatory bodies to guide the cryptocurrency community accurately.

These rumors came just after the U.S. President signed an executive order to create a strategic reserve of cryptocurrencies using tokens already owned by the government. The order sparked interest in the market, as the President named Bitcoin, Ether, XRP, Solana, and Cardano as the digital assets expected to be included in the reserve. However, the market was left disappointed after the announcement, as many were hoping for a concrete plan to buy new tokens.

On March 7, the President hosted a meeting with crypto executives for the first-ever Crypto Summit. During the summit, the President and other cabinet officials met with key figures from the crypto industry to show continued support for the sector and gather ideas for future regulation and legislation. This event followed the President’s recent Executive Order, which announced the creation of a federal Bitcoin reserve. However, when the President first mentioned the idea earlier, there were concerns that he might raise taxes to buy crypto and that including smaller, more volatile coins like Cardano and XRP could pose risks.