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Following the decision of the US court in the case brought by the SEC, in which Ripple partially declared victory, a new controversy has arisen. Republican Congressman Jane Adams’ tweet stating that XRP is a security sparked reactions. Many prominent figures in the XRP community, including lawyer John E. Deaton, tried to correct Adams’ mistake by arguing against her classification of XRP as a security.
XRP Community Opposes Adams’ Securities Characterization
The tendency of some US politicians to have low crypto literacy leads them to target the cryptocurrency market negatively, knowingly or unknowingly. XRP supporter lawyer John E. Deaton retweeted Republican Jane Adams’ tweet, which characterizes XRP as a security, by pointing out that the court’s landmark decision in the SEC-Ripple case only refers to the institutional sales aspect and that it is a big mistake.
In his response to Adams, Deaton reminded her that BTC sold as securities in the Shavers case in 2013 did not make Bitcoin (BTC) a security. Similarly, by emphasizing that Ripple’s use of XRP in security sales to institutions does not turn XRP into a security, he commented, “To know the truth, it is enough to read Judge Torres’ plain language in his decision: XRP is NOT a security. The conditions surrounding the sale of the underlying asset determine whether an investment contract exists.”
Another lawyer, Bill Morgan, responded to Adams by explaining that XRP itself is not a security, but its sales to institutions are securities because they are based on the investment contract principle in the Torres Doctrine. Morgan added that there is a significant distinction here and that the difference is critical.
“XRP Price Will Reach $1”
Renowned crypto analyst Credible Crypto shared his latest XRP analysis in a tweet today, predicting that a major rally is approaching. The analyst believes that as long as the price remains above $0.50, there is no reason to expect a decline in XRP. Credible Crypto advised those who want to buy the leading altcoin to wait and consider a pullback to $0.65 as a buying opportunity.
According to data provided by CoinMarketCap, XRP is trading at $0.8101, with a 2.51% increase in the last 24 hours. The trading volume of the altcoin has also increased by 35% during the same period.
