Pro-XRP lawyer claims ongoing legal case damaged the position of Ripple in cross-border payments, prompting suggestion of counter-litigation.
In a recent tweet, the prominent lawyer representing XRP holders in the Ripple vs. SEC lawsuit, John Deaton, made a bold claim about Ripple’s position in facilitating cross-border payments.
According to Deaton, Ripple had been championing the use of cryptocurrencies for international transactions as early as 2015, even before the concept gained significant traction.
Lately, the number one use case I hear regarding crypto, including #Bitcoin, is for cross border payments. @Ripple was saying this in 2015. Despite @Ripple’s impressive international growth, you simply cannot underestimate the damage the case has caused to Ripple and #XRP.
— John E Deaton (@JohnEDeaton1) June 26, 2023
However, the crypto lawyer acknowledged the significant damage the ongoing legal case between the US regulator has inflicted upon Ripple and the broader use of XRP.
“Despite Ripple’s impressive international growth, you simply cannot underestimate the damage the case has caused to Ripple and XRP,” Deaton remarked.
Community Suggests Counter-litigation
Deaton’s tweet sparked a flurry of reactions from the crypto community, with one XRP community member suggesting a counter-lawsuit against the US Securities and Exchange Commission (SEC) and the government itself.
The individual proposed seeking compensation for the loss of potential revenue, damage to internal development and integrity, defamation of Ripple CEO Brad Garlinghouse and Ripple chairman Chris Larsen, and the costs incurred during the legal battle. The sentiment was clear: someone should be held accountable for the damage caused.
If I was @Ripple, I would counter sue the @SECGov and the Government for loss of potential revenue, damage to internal development and integrity in the US deformation of character of @bgarlinghouse and @chrislarsensf and costs for the case, if @Ripple won. Somebody has to pay. https://t.co/dvd3R5ECzS
— Wilber54-XRP (@Wilber54X) June 27, 2023
Amidst the online discussion, Twitter user Rick Smiddy brought politics into the equation, pointing fingers at Democrats and suggesting a deliberate act to protect bankers. Although lacking evidence, the comment echoed concerns about the motivations behind the case and its potential impact on the crypto industry as a whole.
Despite Ripple’s pioneering efforts in this field since 2015, the ongoing litigation has affected the company’s reputation and growth. The uncertainty surrounding the case caused doubt among investors and partners with crypto exchanges delisting XRP.
Nonetheless, the legal battle has neared its end following the release of a critical judicial document this month, as reported by The Crypto Basic.
It is worth noting that while the legal proceedings stalled Ripple, the firm still progressed in cross-border payments in the crypto landscape. As reported by The Crypto Basic last month, Ripple joined the International Monetary Fund (IMF) to discuss how to facilitate cross-border payment via central bank digital currencies.