PBD Podcast John E. Deaton XRP Ripple Lawyer | PBD Podcast | EP 108
Dec 15, 2021
John E. Deaton, a former Marine and lawyer representing over 62,000 XRP holders, joins Gerard Michaels to dive into the dramatic legal battle between the SEC and Ripple over XRP's classification. They discuss the broader implications for the cryptocurrency market and the challenges of regulation. The conversation extends to the impact of social media on politics and the importance of grassroots advocacy in driving policy change. With a nod to the evolving landscape of digital currencies, they explore how generational shifts are reshaping financial perspectives.
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XRP Buyers Unaware of Ripple
- 58.2% of first-time XRP buyers hadn't heard of Ripple.
- They bought it because it was cheap and in the top 3 cryptos, not from Ripple promotions.
Danger of Targeting Token
- Going after the XRP token itself, instead of just Ripple executives, affects all holders.
- The SEC's broad language claims all XRP trading, even in the secondary market, is an unregistered security.
Impact of Delisting
- XRP holders learned about the lawsuit through exchange delistings, not direct SEC communication.
- Exchanges delisted XRP in reaction to the SEC lawsuit, freezing assets and preventing trading for many.