SEC-Ripple lawsuit cost XRP 3 years of adoption: Lawyer
The United States Securities and Exchange Commission (SEC) lawsuit against Ripple filed in December 2020 has deprived the XRP token of nearly three years of adoption in the United States, said pro-XRP lawyer John E Deaton in a recent post on X (formerly Twitter).
Deaton’s comments came amid Coinbase's announcement that they have acquired a minority stake in USD Coin (USDC) issuer Circle and will be working to “unlock additional utilities and grow the USDC ecosystem.” The lawyer reflected on how Ripple and XRP were on a trajectory of great adoption in cross-border payment and if not for the SEC lawsuit, the likes of Coinbase might have shown similar interest in Ripple.
You could NEVER underestimate the damage the SEC’s lawsuit has caused - NOT ONLY AGAINST RIPPLE - BUT #XRP. THREE YEARS OF ADOPTION - that’s what it’s caused.
Just how long is 3 yrs - in crypto years?
People seem to forget how much Coinbase promoted #XRP before the lawsuit.… https://t.co/1fZ3r8WCSd pic.twitter.com/GLu4kFUU38
The pro-XRP lawyer reminded the community that Coinbase was one of the major promoters of XRP before the lawsuit forced the crypto exchange to delist the token.
Deaton noted that Coinbase did its due diligence and even reached out to the SEC to check the regulatory status of XRP before listing it. Coinbase in its meeting in January 2019, explained to the SEC that it evaluated XRP based on its stringent regulatory framework for digital assets, the same framework a senior staff at the SEC had publicly complimented Coinbase on.
The SEC at the time didn’t share any objection to the Coinbase listing proposal followed by the crypto exchange listing the XRP token in Feb 2019. Similarly, MoneyGram, a payment processor giant and a key Ripple
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