Lawyer John Deaton, who specializes in protecting crypto companies, commented on a recent interview with Jim Cramer. A cryptocurrency critic claimed that no one knows what XRP is, and the US government has not recognized this digital asset and has not seen the need to regulate it. Cramer’s remarks did not sit well with the XRP community. Deaton tweeted that Cramer is the one who doesn’t know anything about XRP or his comments sound fake.
The lawyer noted that over the past nine years, XRP has received numerous recognitions. So, in 2014, the US Government Accountability Office classified XRP as electronic money or virtual currency, which Ripple uses to facilitate transactions. Deaton mentioned that in 2015, the Philippine Department of Justice and the US Financial Crimes Enforcement Network (FinCEN) also classified XRP as a convertible virtual currency. In the same year, Ripple was required to comply with US banking laws. Ripple is also required to submit an audit report on XRP sales to the US government twice a year.
Deaton posted a screenshot of a document in which the US Financial Stability Oversight Board (FSOC) labeled XRP, BTC, ETH, and LTC as “virtual currencies” with increasing market capitalization. Interestingly, this report was signed by the chairmen of the US Securities and Exchange Commission (SEC), the US Commodity Futures Trading Commission (CFTC) and the US Federal Reserve System (FRS), Deaton said.
In June 2019, money transfer service MoneyGram filed a report with the SEC on the use of XRP in cross-border payments. In addition, Deaton pointed out that the UK, UAE, Singapore, Switzerland and Japan have declared XRP a virtual currency that is not a security.
“If Jim Cramer didn’t know about all this, he could have used Google. Instead, he chose to say something that looks reckless or fake. In any case, he should be ashamed, ”the lawyer was indignant.
Recently, John Deaton dispelled doubts about the illegality of international payments using XRP through the Ripple On-Demand Liquidity (ODL) solution. The lawyer explained that the US SEC does not have the right to control the sale of XRP abroad.
Source: Bits
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