Arguing that most cryptocurrencies are securities, the SEC sued Ripple in December 2020.
The lawsuit, which has been contentious since 2020, was decided in favor of Ripple in July.
While the decision was described as a Ripple victory, XRP also recorded a significant rise.
While this decision and the case are still being evaluated, the last comment came from the famous lawyer John Deaton.
The famous lawyer, who argued that the lawsuit filed by the SEC stole 3 years of XRP, said that the lawsuit deprived XRP of its right of adoption for about three years in the USA.
Citing the news of Coinbase's acquisition of Circle shares on his Twitter account, John Deaton noted how Ripple and XRP are on the way to massive adoption in cross-border payments, and companies like Coinbase might have shown similar interest in Ripple had it not been for the SEC litigation.
Deaton also noted that the SEC lawsuit forced Coinbase to delist XRP, reminding that prior to the lawsuit, Coinbase was one of the biggest supporters of XRP.
Noting that the SEC did not object to Coinbase's listing of XRP in 2019 and Ripple remittance partner MoneyGram's use of XRP, John Deaton said:
“SEC enforcement lawyers, like MoneyGram and Coinbase lawyers, decided in 2018 and 2019 that XRP is not a security.
However, despite all the measures taken by Ripple partners, the SEC sued Ripple in December 2020, claiming that all XRP sales constitute unregistered securities.
You could NEVER underestimate the damage the SEC’s lawsuit has caused – NOT ONLY AGAINST RIPPLE – BUT #XRP. THREE YEARS OF ADOPTION – that’s what it’s caused.
Just how long is 3 yrs – in crypto years?
People seem to forget how much Coinbase promoted #XRP before the lawsuit.… https://t.co/1fZ3r8WCSd pic.twitter.com/GLu4kFUU38
— John E Deaton (@JohnEDeaton1) August 22, 2023
*Not investment advice.
