John Deaton, a well-known lawyer for XRP holders, has flagged a claim circulating in the cryptocurrency space as false. Notably, the claim concerns the roles of different crypto assets within the U.S. government and specifically mentions XRP, Cardano (ADA) and Solana (SOL).
Setting XRP and Cardano record straight
Deaton, in an X post, clarified that the Securities and Exchange Commission (SEC) did not issue any statement. "EVERYONE: The @SECGov did not release any such thing," he wrote.
EVERYONE:
The @SECGov did not release any such thing. https://t.co/PbRoMZbe6A
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The XRP lawyer’s clarification became necessary because a reiteration of CryptoRus's original post suggested that the SEC had categorized XRP, ADA and SOL for specific use cases. These include financial transactions, smart contracts and voting mechanism security.
However, Deaton is debunking the claim as misinformation, particularly as it is gaining traction in crypto. As of the moment he responded to the claim, the post had already gained over 560,000 views on X.
Analysts say that although the "claim" could trigger positive sentiment for XRP, they believe that denouncing it is right. They opine that allowing false claims could prove detrimental to an asset’s image in the long term.
Why Deaton’s warning matters
Deaton encouraged XRP holders to be cautious and avoid believing misinformation. Experts say malicious actors could decide to create a harmful link from such an "alleged role" for XRP to steal holders’ funds.
Hence, Deaton’s post was motivated by the need to set the record straight and protect XRP users.
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As reported by U.Today, Deaton had urged community members to always remain vigilant and verify information claiming to have emanated from credible sources. He maintained that this was critical to avoiding falling victim to malicious actors online.
As of press time, the update has not negatively impacted XRP or Cardano. According to data, the former is changing hands at $2.40, a 3.83% increase in the past 24 hours, while the latter has rallied 3.74% to $0.7472.
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