Thursday, June 20, 2024
HomeCryptocurrencyJohn Deaton Stresses How SEC Lawsuit Hurts XRP Adoption by Amazon Pay

John Deaton Stresses How SEC Lawsuit Hurts XRP Adoption by Amazon Pay

John Deaton, the lawyer representing over 75,000 XRP holders, believes that the long-running legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has negatively affected the adoption of XRP for online payments on platforms like Amazon Pay, Afterpay, and others.

XRP Adoption Hindered for Over 2 Years

Deaton expressed his concern over how the protracted legal dispute between Ripple Labs and the SEC has hampered the adoption of XRP. This lawsuit has notably obstructed the potential integration that could have enabled users to pay with XRP on Amazon Pay and others alike.

Read Also: XRP Lawsuit: John Deaton Predicts Judge Torres’s Decision on SEC Interlocutory Appeal

In a post on X, Deaton provided a case study of Bitpay, the leading crypto payment platform. Initially, they provided users in the U.S. with the option to make payments using XRP. However, this option was removed following the lawsuit in which the SEC tagged XRP as security.

Because of the SEC lawsuit, XRP was put at a disadvantage, which was the main point of an earlier thread on X. Deaton highlighted that Bitpay allows users to pay in Dogecoin (DOGE) and Shiba Inu (SHIB), which are meme coins, created as jokes, while payments with XRP, which was created for payments, are not allowed.

Amazon Pay, which is the main focus here, has  27% of their digital payment users in the U.S. who prefer using Amazon Pay during checkout. This large market is being prevented from using and enjoying the benefits of XRP because of the SEC lawsuit.

Read Also: Attorney John Deaton States Key Factor To Push XRP Price Beyond $3.84 All-Time High

The Destructive Legacy of the Ripple Lawsuit

These recent remarks echo the sentiment of his older thread on X, and this post specifically where he expressed his firm belief that the SEC used the lawsuit as a weapon against Ripple. He continued, saying that XRP could have received wider adoption.

Although Ripple has enjoyed immense success, especially outside the U.S., Deaton believes the lawsuit definitely hurt XRP and the development of the XRP Ledger (XRPL).

In the midst of all of this, Ripple has made good progress in the lawsuit with the SEC with a ruling in favor of XRP, resulting in various exchange listings.

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Meanwhile, Ripple CEO, Brad Garlinghouse, is already planning a long overdue victory party, despite the SEC’s appeal of part of the court’s decision.


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Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.
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