Deaton said people are still spreading FUD about XRP even though the U.S. government acknowledged the crypto asset’s utility in 2014.
Crypto Law founder attorney John E. Deaton took time out to respond to a critic who still believes XRP has no real utility. In a tweet yesterday, cryptocurrency YouTuber Tyler Durden, who usually covers Bitcoin and Ethereum-related technical analysis, said it is almost 2023, and nobody knows why XRP, ADA, and LINK exist.
Deaton’s Reaction to Durden’s Tweet
Durden’s tweet has attracted backlash from enthusiasts of the cryptocurrencies mentioned above. Holders of these crypto assets believe Durden intentionally made the tweet to stir up reactions.
Interestingly, attorney Deaton joined members of the XRP community to react to Durden’s recent tweet about the popular cryptocurrency. Attorney Deaton shared facts proving XRP’s utility over the years.
According to attorney Deaton, the United States Government Accountability Office (GAO) acknowledged XRP’s utility in 2014. In a report published in 2014, GAO noted that XRP is a virtual currency within Ripple’s decentralized payment system, which “facilitates the conversion from one currency to another.”
The U.S. Congress agency further explained XRP’s utility in Ripple’s payment system. Per GAO, in the absence of a direct conversion between two fiat – Mexican pesos and Thai baht – the pesos can be exchanged to XRP, and the crypto asset will later be converted to baht.
Attorney Deaton said that even though the Government Accountability Office identified XRP as a virtual currency utilized in Ripple’s decentralized payment system nine years ago, people are still spreading Fear, Uncertainty, & Doubt (FUD) about the asset class. He added that critics circulate these FUDs intentionally to ignore XRP’s decade of utility.
“An opinion is one thing, [and] facts are another,” he added.
NINE YEARS AGO, in 2014, the @USGAO declared:
“#XRP is a virtual currency utilized in a decentralized payment system called @Ripple.”
Yet, 9 years later we still see fud being spread intentionally ignoring a decade of utility.
An opinion is one thing, facts are another. https://t.co/d6MNkXyFd5
— John E Deaton (@JohnEDeaton1) December 21, 2022
Deaton Cited GAO’s Report in Amici Curiae Brief
As expected, Deaton’s comment prompted reactions from members of the XRP community. An XRP enthusiast asked whether Ripple cited the GAO report on XRP in its case against the Securities and Exchange Commission.
Responding to the question, attorney Deaton said he could not recall if Ripple referenced the report in its filings. However, the top U.S. lawyer noted that he cited the report in the amici curiae brief he filed on behalf of XRP holders.
It was cited by me in XRPHolders amicus. I can’t recall if its in Ripple’s papers.
— John E Deaton (@JohnEDeaton1) December 21, 2022
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