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HomeCrypto NewsMarketDeaton Blasts Jim Cramer for Claims That Public and Government Know Nothing about XRP

Deaton Blasts Jim Cramer for Claims That Public and Government Know Nothing about XRP


Pro-XRP lawyer John Deaton criticizes Jim Cramer for claiming the government doesn’t know about XRP, highlighting multiple instances of XRP recognition.

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The XRP community has come in contact with a clip where the renowned crypto critic Jim Cramer argued in an interview that the public is unaware of what XRP represents.

In particular, Cramer said people know nothing about XRP because the US government neither recognized the digital asset nor felt a need to regulate it.

Cramer’s sweeping claims did not sit well with the XRP community. Prominent pro-XRP lawyer John Deaton took it upon himself to school the critic about XRP’s position in the US government landscape. 

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In the recent reply tweet, Deaton outlined that it was possible Cramer deliberately faked his words for an agenda. Also, the lawyer stated that the critic could be genuinely ignorant about XRP.

In the response, Deaton highlighted the multiple recognitions XRP has received over the past nine years.

US Recognized XRP in 2014, 2015

He shared that the US Government Accountability Office (GAO) classified XRP as electronic cash in 2014. GAO particularly labeled XRP as a virtual currency Ripple’s decentralized payment system uses to facilitate transactions.

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Similarly, Deaton mentioned that the Philippines’ Department of Justice and the US Financial Crimes Enforcement Network jointly agreed that XRP represents a convertible virtual currency. This was in 2015.

Moreover, Deaton highlighted that Ripple got an order to comply with US banking regulations in the same year. The order also asked Ripple to submit an auditor’s report about XRP’s sales twice a year. The report goes to the US government.

Deaton noted that the US Securities and Exchange Commission (SEC) knew about all the happenings.

In 2019

Meanwhile, Deaton mentioned that in a report from the US government, XRP, Bitcoin, Ethereum, and Litecoin (LTC) were tagged virtual currencies. It was a 2019 report from the Financial Stability Oversight Council. 

Interestingly, according to Deaton, the SEC, CFTC, and Federal Reserve chairmen appended their signatures to the report. 

Furthermore, Deaton revealed that Money Gram disclosed its use of XRP to the US government in the same year. Specifically, Money Gram told the SEC how it uses XRP to facilitate intercontinental payment.

Also, the lawyer noted that XRP’s recognition is not limited to the cited instances. He stated that the UK, UAE, Singapore, Switzerland, and Japan governments have all recognized XRP as a virtual asset and not a security.

He concluded that Cramer could have been aware of XRP’s public status with minutes of research. Yet, Cramer chose to embarrass himself before the public.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Abdulkarim Abdulwahab
Abdulkarim Abdulwahabhttp://thecryptobasic.com
Abdulkarim Abdulwahab is a blockchain writer with a specific interest in journalistic writing. He covers breaking events in the crypto community and blockchain industry. Over the past year, he has published over 1,500 short-form and long-form content for Web3 publishing firms.

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