A recent misunderstanding in the world of cryptocurrency caused quite a stir. A crypto enthusiast on a platform known as “X” misinterpreted a post by John Deaton, leading to widespread belief that Deaton had insider information about Ripple Inc.
However, John Deaton quickly addressed this misconception and set the record straight.
Let’s take a look at what happened and why it caused such controversy!
A Little About Deaton…
John Deaton is a well-known advocate in the crypto sphere who is known for expressing his opinions candidly. He is often seen as having a deep understanding of how businesses operate. Recently, he caught attention by hinting at Ripple Labs expanding its workforce in Dubai, Singapore, and London to establish a stronger presence in Asia and Europe.
However, Michael Branch wrongly attributed this information to Deaton and claimed that he had insider knowledge.
Bashing the False Claims
Deaton clarified that he never said anything about having inside knowledge in response to the false assertion. He explained that he had no inside information but was merely present as an audience member at Mainnet.
Deaton further explained that Ripple’s expansion plans indicate its intention to operate outside of the United States. The company had already stated that 80% of its hiring would be done outside of the country.
The comments on the misinformer’s post sarcastically criticized him, with one comment stating, “International companies hire more staff… in international cities.”
Ripple CEO Brad Garlinghouse confirmed that governments are partnering with the industry, providing clear rules and fostering growth in international cities like Hong Kong, Singapore, the United Kingdom, and Dubai.
SEC vs. Ripple: A Long, Exhausting Battle
The Securities and Exchange Commission (SEC) has been engaged in a legal battle with Ripple for over three years, arguing that its XRP coin should be classified as a security. However, a significant moment occurred on July 17th when Judge Analisa Torres ruled that XRP is not a security. Despite this ruling, the SEC remains steadfast in its position and plans to file an interlocutory appeal to have the decision re-examined by an appellate court.
XRP’s lawyer recently accused the SEC of spreading misinformation and deceiving people with its anti-legislative views. The outcome of these new developments is still uncertain.
Hot Take: The Ripple Controversy Unraveled
A recent misunderstanding involving John Deaton and Ripple caused a significant uproar in the crypto community. Deaton clarified that he did not possess insider information about Ripple’s expansion plans but merely attended an event as an audience member. This incident highlights the need for accurate interpretation and responsible sharing of information within the crypto space.
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