John E. Deaton, the founder of Crypto Law and the attorney representing more than 75K XRP holders in the ongoing Ripple-SEC case, has slammed a certain influencer Lark Davis for talking down on XRP.
In a Thursday post, Lark Davis, a known crypto Youtuber and presumed Bitcoin (BTC) maximalist compared AAVE and MATIC with the XRP Ledger native token, in an attempt to condescend on the utility and value proposition of XRP.
Worthy of note is that XRP is majorly used by Ripple to settle cross-border payments and for its On-Demand Liquidity (ODL) services.
According to him, the AAVE and MATIC tokens are being adopted by JP Morgan, the global leader in financial services to settle USD to JPY forex transactions. To note, Aave and Matic were used to conduct a cross-border transaction as part of a regulatory pilot test in Singapore.
Relying on this fact, Lark Davis questioned the importance of the Ripple-backed XRP token in the remittance industry. He wrote, “So if JP Morgan is using MATIC and AAVE to settle USD to JPY forex transactions then what is the value proposition for XRP now?”
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The XRP community wasted no time in attacking Lark Davis while defending the outstanding use case of XRP for cross-border payments. Among those who responded to Davis’ provocative statement included Attorney John Deaton, the popular Ripple, and XRP proponent.
In pointing out how valuable XRP is, John Deaton stressed in a Twitter thread that XRP has remained among the top 10 cryptocurrencies in the world for 10 years, amidst the enduring SEC-inspired legal setback.
According to the Deaton, XRP has been a Top 10 Crypto for a decade. When FinCEN settled with Ripple in 2015 XRP was #2. Between 2017-2018, it battled ETH consistently for #2. In October 2018 even after Hinman gave ETH a free pass XRP was briefly #2. XRP was #3 when the SEC sued Ripple in December 2020.
“The SEC’s lawsuit, however, is not limited to Ripple sales. The SEC has alleged that all XRP no matter who sells it, is always a security. This is what caused Coinbase, Kraken exchange, and others to suspend/delist XRP. Yet, despite all of this, XRP remains a Top 10 Crypto today,” he added.
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Going further, he lamented about Lark Davis’ poor knowledge and understanding of cryptocurrencies. To this end, Attorney John Deaton wrote,
“The point is, one would think that a major crypto influencer, like Lark Davis, would have a much better understanding of XRP. Does he really think because JPM is using Matic & Aave to settle USD to JPY that that somehow lessens the value proposition for XRP?”
“First, does he not know the difference between Ripple and XRP? His question would make more sense if he had asked, does JPM’s use of #matic & Aave negatively impact Ripple’s business model. Of course, Ripple is one of the few companies involved in Crypto growing and hiring.”
“Does he know the overall size of the Forex market? Does he know that Ripple is only one company utilizing the XRP Ledger. It is very surprising to me that XRP remains one of the most misunderstood cryptos out there – even though it has been around and near the top for a decade.”
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