- John Deaton laments how Ripple’s SEC lawsuit has stifled XRP’s integration into Amazon Pay.
- The SEC’s designation of XRP as a security led BitPay to discontinue its support for the cryptocurrency.
- XRP, specifically designed for payments, lost its opportunity to meme-coins like Dogecoin in payment platforms.
John Deaton, XRP pro lawyer, has recently illuminated the adverse ramifications of Ripple’s enduring legal tussle with the United States Securities and Exchange Commission (SEC) on XRP’s market viability.
Specifically, this prolonged litigation has scuttled what could have been a transformative adoption of XRP by Amazon Pay—a gateway serving 50 million users, with 27% of U.S digital payment patrons favoring this platform.
Here’s is a small yet significant example of how the lawsuit hurt #XRP’s adoption. I was just purchasing an item over the internet and the payment options include: “Pay with cryptocurrency with @BitPay.”— John E Deaton (@JohnEDeaton1) September 3, 2023
BitPay originally included #XRP – it was one of the first ones utilized.… pic.twitter.com/MGsbWEGnOA
Initially, BitPay extended the option for U.S customers to complete purchases using XRP. However, the SEC’s lawsuit against Ripple, in which it labeled XRP a “security,” compelled BitPay to suspend its XRP services stateside. Ironically, BitPay instead opted to support meme-coins like Dogecoin and Shiba Inu—currencies not initially designed for transactional utility, unlike XRP.
Deaton articulated the irony sharply: “XRP was created for payments, and Dogecoin was created as a joke.” This landscape seems even more lopsided when considering the sheer magnitude of Amazon Pay’s user base—a vast swath of which remains untapped by XRP due to legal entanglements.
This notwithstanding, the future for XRP and Ripple shines with latent promise. As regulatory frameworks mature, there’s burgeoning hope that XRP will not only regain its lost ground but also chart new territories, solidifying its role as a versatile financial asset.
Read also:
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- Yacht Brokerage Yachtzoo Now Accepts Crypto Payment via Bitpay
- Ecommerce Behemoth Amazon Will Begin an NFT Initiative
- Ripple’s XRP Skyrocketed as Amazon Announced Strategic Partnership
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