In a recent tweet, XRP-supporting attorney John Deaton questioned whether Twitter CEO Elon Musk would be sued by the U.S. Securities and Exchange Commission (SEC) if he were to allow Dogecoin (DOGE) payments on his social media platform.
While Deaton believes that such a scenario would be "ridiculous," the legal expert doesn't exclude such a possibility.
The attorney, who has been extremely critical of the SEC, argues that the agency is "malicious."
As reported by U.Today, Twitter is reportedly seeking regulatory approval for a new payment system. It will initially support only fiat currencies, but Musk also plans to add support for cryptocurrencies, according to the reports.
While it remains unclear which specific cryptocurrencies Twitter will support, meme cryptocurrency Dogecoin appears to be the likeliest option.
SEC Chair Gary Gensler has clarified that the agency doesn't view Bitcoin as a security, but the regulatory status of other major altcoins remains unclear.
The formidable regulator sued Ripple back in December 2020, arguing that the company offered XRP as an unregistered security. The outcome of the case is likely to bring more regulatory clarity.
Arman Shirinyan
U.Today Editorial Team
Vladislav Sopov
Dan Burgin