In a surprising turn of events, the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has inadvertently led to a surge in the adoption of XRP wallets. Renowned Ripple supporter and founder of CryptoLaw.US, John Deaton, has taken to Twitter to express his belief that the SEC’s attack on Ripple has inadvertently promoted the cryptocurrency, attracting a significant number of new investors.
Deaton confidently asserted that the SEC’s lawsuit against Ripple, its CEO Brad Garlinghouse, and co-founder Chris Larsen, has provided Ripple with an unexpected “promotion campaign.” Despite the SEC’s claims that XRP is an unregistered security, Deaton stated that he has “zero doubt” that the lawsuit brought Ripple to the attention of a considerably larger audience, resulting in over 4 million new XRP wallet addresses.
Interestingly, Deaton pointed out that among these newly acquired XRP holders, some individuals may still be unaware of what Ripple is or the purpose it serves. The unintentional consequences of the SEC’s actions appear to have introduced a wave of investors to the world of XRP, drawn in by the controversy surrounding the lawsuit.
Furthermore, Deaton engaged in a discussion on the speed of payments between Bitcoin and XRP, where he highlighted that many people claimed to have experienced faster transaction processing with XRP compared to Bitcoin. This perceived advantage reportedly enticed these individuals to invest significant amounts of capital into XRP.
However, not everyone shares Deaton’s optimism regarding Ripple’s future. Max Keiser, a well-known cryptocurrency advocate, expressed skepticism about XRP’s survival in an environment plagued by conflicts and the SEC’s regulatory oversight. Keiser expects the SEC to ultimately prevail in its lawsuit against Ripple, resulting in the shutdown of XRP.
Keiser has been vocal in his criticism of Bitcoin maximalists, whom he accused of celebrating the SEC’s interventions and attacks on other cryptocurrencies and exchanges. He argued that despite presenting themselves as libertarians, Bitcoin maximalists supported the very regulatory overreach they should oppose.
As the legal proceedings between Ripple and the SEC continue, the unintended consequence of heightened public awareness and increased adoption of XRP has presented Ripple with a unique opportunity. While Deaton remains optimistic about Ripple’s future, skeptics like Keiser anticipate a different outcome. It remains to be seen how the SEC lawsuit will ultimately shape the fate of Ripple and its XRP cryptocurrency.
