Pro-XRP lawyer John Deaton believes Ripple Labs’ victory and the BlackRock Bitcoin spot ETF ambition form “the two biggest things” that happened to crypto.
This year is a pivotal one for the crypto ecosystem. Besides Ripple scoring a major victory against the US SEC over the security status of XRP, BlackRock joined the race to list the first Bitcoin spot ETF in the US, a bid that has spanned over a decade.
John Deaton’s Take
In his recent post, Deaton pointed out the new Bitcoin evangelical role now assumed by BalckRock’s CEO, Larry Fink. Accompanying his post is an excerpt from one of Fink’s interviews with CNBC, where he talks about the international appeal of Bitcoin, an asset that he said BlackRock’s clients now demand.
The two biggest things to happen to Crypto: the Ripple decision and Larry Fink and BlackRock joining the crypto bandwagon. Very difficult for @GaryGensler and @ewarren to call their donors “fraudsters, scammers hucksters, tax cheats, and money-launderers. https://t.co/t3SMqePzA2
— John E Deaton (@JohnEDeaton1) July 14, 2023
Fink’s eulogy for Bitcoin became resounding when he noted that the asset would transcend any one currency due to its international appeal. Notably, this international value exchange and other features underscore the key message propagated by Bitcoin proponents.
This message’s clarity has not deterred certain finance leaders and some lawmakers from criticizing the asset as an instrument to propagate scams.
With Larry Fink now at the forefront of Bitcoin’s advocacy, John Deaton says the SEC and these lawmakers cannot afford to label their donors “fraudsters, scammers, hucksters, tax cheats, and money-launderers” like they have done to crypto proponents in the past.
The influence of BlackRock as a financial giant also accounts for the enhanced optimism that a Bitcoin spot ETF is just around the corner.
Monumental Ripple Labs Victory
That Ripple won the SEC in proving the sales of XRP on exchanges do not make up an investment contract marks a victory for the entire crypto industry.
With the markets regulator embroiled in related securities cases against the duo of Binance and Coinbase, these exchanges’ defense teams now have a precedent to fall to, shaping the outlook of legal brawls in the industry for the foreseeable future.
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