John Deaton, the founder of CryptoLaw, the popular U.S. legal and regulatory news platform and a pro-XRP lawyer, has revealed what propelled him to accumulate XRP tokens.
According to Deaton, the first time he bought XRP was in 2016 when the asset was still trading at around $0.001 per coin, according to data. The attorney who represents over 75,000 XRP holders in the lingering Ripple-SEC case said XRP’s outstanding use case for settling cross-border payments in a fast, cheap, and seamless manner lured him into investing in the asset.
As per the Thursday disclosure, Deaton added an undisclosed amount of XRP to his holdings in 2019 following the listing of the asset on Coinbase, the largest U.S. crypto trading platform, attaching a snapshot that showed Coinbase flaunting XRP as a perfect tool for making cross-border payments.
“The reason I acquired XRP in 2016 was because of its use case for cross-border payments. Truth be told, I bought more in 2019 when Coinbase not only listed XRP, but highlighted its utility,” Deaton wrote.
The top exchange wrote, “You can now send money to any user with a Coinbase account around the world using XRP.” Notably, Coinbase ceased support for XRP trading on its platform following the 2020 SEC claim that the sixth-largest cryptocurrency by market capitalization is a security.
Furthermore, the pro-XRP lawyer noted that China has reduced demand for the Chinese Yuan, lamenting over the United States’ harsh treatment of crypto companies in the region. “While China reduces demand for the Yuan the U.S. is attacking not embracing the crypto’s utility.”
In a connected tweet, Deaton noted that he didn’t lose any money on XRP when he filed a case against the SEC. This he said in response to a user who claimed the CryptoLaw founder got into the crypto market only a few years ago.
Good thing I don’t care what you think. But if you’re interested go back to my 1st interview: I said I bought BTC ETH and XRP in 2016. I also said that I personally didn’t lose any money on XRP when I filed the case 🆚 the SEC when guys like you called me a disgruntled investor.
— John E Deaton (@JohnEDeaton1) April 26, 2023
Follow us on Twitter, Facebook, Telegram, and Google News
