- John E. Deaton, a renowned crypto attorney, criticized Jim Cramer’s misleading comments about XRP.
- Numerous official bodies, including U.S. agencies and global entities, have recognized XRP as a virtual currency.
- Deaton highlights that the information about XRP’s classification is easily accessible and calls out Cramer’s statements as intentionally deceptive.
John E. Deaton, the prominent crypto attorney and an advocate for XRP, recently expressed his disapproval of comments made by Jim Cramer, the widely recognized financial commentator, about the XRP cryptocurrency. Cramer’s assertion, claiming a lack of knowledge about XRP, among other things, didn’t sit well with Deaton.
XRP’s Transparent History: A Refresher for Cramer
Deaton pointed out that in the not-so-distant past, several official bodies, both domestic and international, have shed light on XRP. As early as 2014, the U.S. Government Accountability Office (USGAO) recognized XRP for its use in Ripple’s decentralized payment system.
By 2015, two prominent U.S. government agencies, the Department of Justice and the Financial Crimes Enforcement Network (FinCEN), had labeled XRP as a “convertible virtual currency.”
Deaton added that Ripple was given directives to align with U.S. banking guidelines, not securities regulations. It’s noteworthy that during this period, the SEC was completely informed of these classifications and directives.
Globally Recognized and Accepted
Furthermore, in 2019, the Financial Stability Oversight Council’s (FSOC) annual report prominently mentioned XRP alongside major digital currencies like Bitcoin, Ethereum, and Litecoin. This report bore signatures from esteemed members of the financial ecosystem, including the chairs of the SEC, CFTC, and Federal Reserve.
In that same year, global payment company MoneyGram shared insights with the SEC about their utilization of XRP for international transactions. Deaton went further to explain that on the international front, nations such as the UK, UAE, Singapore, Switzerland, and Japan have unambiguously recognized XRP as a virtual currency, emphasizing its distinction from securities.
Deaton’s Verdict on Cramer’s Comments
Deaton underscored that all this information about XRP was readily accessible with even a cursory Google search. This makes Cramer’s comments either a hasty oversight or a purposeful misdirection. In Deaton’s view, regardless of the reason, Cramer ought to reflect on his statements. The crypto attorney’s fervent response was triggered by a video shared by a respected member of the XRP community, Digital Asset Investor.