Legal expert John Deaton criticizes Jim Cramer for his comments on XRP
Pro-XRP lawyer John Deaton has called out American TV personality Jim Cramer for his dismissive statements regarding the Ripple Labs-associated token. In a video, Cramer claimed that nothing is known about XRP because it is not regulated by the government. Deaton, who has been involved in the XRP community during the legal battle with the SEC, labeled Cramer’s stance as either fake or ignorant. He provided a comprehensive counterargument, highlighting key facts and legal developments that contradict Cramer’s narrative.
Government’s knowledge of XRP
- In 2014, the USGAO classified XRP as a virtual currency utilized in a decentralized payment protocol called Ripple.
- In 2015, the DOJ and FinCEN settled with Ripple, classifying XRP as a convertible virtual currency and ordering compliance with US banking laws.
- In 2019, the SEC recognized XRP as a virtual currency in an annual report filed by the FSOC.
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XRP global recognition
- XRP is publicly traded on over 200 exchanges worldwide.
- Various countries, including the UK, UAE, Singapore, Switzerland, and Japan, have classified XRP as a virtual currency and not a security.
Deaton criticized Cramer for not conducting a simple Google search to verify these facts, implying that his comments were reckless or intentional. He believes Cramer should be embarrassed and ashamed of his statements. XRP recently secured partial relief in a court ruling, and the trial for the SEC’s appeal is expected to begin in 2024.
Hot Take
John Deaton’s response to Jim Cramer’s comments on XRP provides a compelling counterargument and highlights the government’s knowledge and global recognition of the cryptocurrency. It exposes the lack of research and understanding on Cramer’s part, leading to a misleading portrayal of XRP. This exchange underscores the ongoing debate surrounding the regulation of cryptocurrencies and the need for accurate information in the crypto community.
