- John Deaton rebukes Jim Cramer for claiming that the US government and the public are unaware of XRP’s status.
- Deaton highlights various instances where XRP was recognized by the US government, including classifications by the US GAO and the Financial Stability Oversight Council.
- Deaton emphasizes that XRP’s recognition extends beyond the US, with governments in the UK, UAE, Singapore, Switzerland, and Japan acknowledging it as a virtual asset.
In a recent interview, a well-known crypto critic, Jim Cramer, made controversial claims that the US government and the public were ignorant about XRP. Pro-XRP lawyer John Deaton swiftly responded, refuting Cramer’s assertions and providing a compelling case for XRP’s recognition.
Deaton strongly rebuked Cramer’s notion that XRP was unnoticed by the government and the public. He pointed out multiple instances of US government recognition, including the Government Accountability Office’s (GAO) 2014 classification of XRP as electronic cash used by Ripple’s payment system.
Moreover, in 2015, both the Philippines’ Department of Justice and the US Financial Crimes Enforcement Network recognized XRP as a convertible virtual currency, while Ripple was ordered to comply with US banking regulations.
Deaton also highlighted the 2019 Financial Stability Oversight Council report, categorizing XRP as a virtual currency, with signatures from key regulatory figures. He stressed that even the US Securities and Exchange Commission (SEC) was well-informed about XRP’s status.
Furthermore, Deaton emphasized that XRP’s recognition extended globally, with governments in the UK, UAE, Singapore, Switzerland, and Japan acknowledging it as a virtual asset.
In essence, John Deaton’s response debunked Jim Cramer’s misleading claims, showcasing the extensive recognition of XRP within and beyond the US. Cramer’s assertions that the government and the public were unaware of XRP’s significance were refuted with concrete evidence of XRP’s established status in the crypto and regulatory landscape.
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