- John E. Deaton refuted claims that the SEC assigned XRP, ADA, and SOL specific government roles, stating that no such announcement was made.
- The disputed report alleged the U.S. government planned to use these cryptocurrencies for finance, credentialing, and blockchain applications.
- Despite no official confirmation, XRP, ADA, and SOL recorded significant gains, with investors reacting to the circulating claims in the crypto market.
Crypto lawyer John E. Deaton has dismissed a report claiming that the U.S. Securities and Exchange Commission (SEC) assigned specific roles to XRP, ADA, and SOL. Deaton stated on social media platform X that the SEC has not issued any such designation, countering the claims circulating online.
A report published on a crypto news platform earlier suggested that the SEC had assigned XRP, ADA, and SOL to distinct government functions. It claimed that XRP would be used for state-level financial transactions, ADA for academic credentialing and government services, and SOL for high-speed blockchain applications.
The report further alleged that former President Donald Trump indicated the U.S. government would incorporate these cryptocurrencies into a national crypto reserve. According to the report, the SEC clarified that XRP would facilitate government payments and interbank liquidity. Meanwhile, ADA would handle smart contracts for government services and secure academic credentialing, while SOL would be implemented for real-time databases, secure voting systems, and digital identity verification.
Market Gains Following Circulating Reports
The unconfirmed news about the SEC regulation led the three cryptocurrencies to experience positive market growth. Between Friday evening through early Saturday the price of XRP surged 10% up to reach $2.475 from its starting point of $2.238. The ADA price jumped by 8.7% from $0.6960 to $0.7577 during the period while SOL experienced a 10.33% increase from its starting value of $122.92 at $136.09.
Neither the Securities and Exchange Commission nor the U.S. government has replied to the first report regarding these cryptocurrency markets. The market responded to the news even though Deaton dismissed it, which suggests trading rumors persistently shape investor opinions. Participants in the market monitor official statements and regulatory procedures that might affect digital assets.
