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Ripple-SEC Lawsuit Attracted Millions of Users to XRP: CryptoLaw Founder

Sat, 06/24/2023 - 13:36
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Yuri Molchan
Ripple advocate Deaton believes that large part of investors were attracted to XRP due to SEC-initiated lawsuit
Ripple-SEC Lawsuit Attracted Millions of Users to XRP: CryptoLaw Founder
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Founder of CryptoLaw.US and a Ripple supporter John Deaton, who has been closely following the SEC-Ripple suit, has tweeted he believes that the current large amount of XRP wallets emerged due to the SEC attacking Ripple, thus giving it a good "promotion campaign," even though the regulator is suing the company, its CEO and co-founder and claims that XRP is an unregistered security.

Deaton says SEC suit attracted lot of new buyers

Deaton tweeted that he has "zero doubt" that a lot more people turned into XRP holders as they learned about Ripple and Brad Garlinghouse "because of the SEC and the lawsuit than any before."

Now, he reminded his followers, there are more than 4 million XRP wallet addresses out there. Deaton is definite that among those holders are people who own XRP today and still do not know what Ripple is or what it does.

In another tweet, Deaton wrote, as part of a discussion about which payments are faster, the ones based on Bitcoin or XRP, that he heard many people say that Bitcoin payments took a long time to process while "they had a faster experience with XRP." According to Deaton, this made them buy large amounts of XRP.

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Max Keiser calls XRP "too centralized"

As reported by U.Today on Friday, prominent Bitcoin advocate Max Keiser, who despises all other digital currencies, calling them securities and "S-coins," responded to Deaton's tweet about Bitcoin maxis.

Deaton criticized BTC maxis, stating that even though they believe themselves to be libertarians, they celebrate every juridical overreach of the SEC and every attack on other cryptos and crypto exchanges.

Keiser responded, calling XRP "too centralized to survive in the conflicted environment where the SEC lives."

Keiser expects the SEC to win against Ripple eventually and shut XRP down. In his tweets this year, he also called the Coinbase exchange an illegal casino, urging the regulators to close it down. Recently the SEC sued both Coinbase and Binance for violating the U.S. securities law.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at