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According to information shared by attorney John E. Deaton, the ongoing SEC lawsuit against Ripple has had a negative impact on the adoption of XRP.
The lawyer, following legal proceedings, took to X to highlight a notable recent example of how the lawsuit has hindered the adoption of cryptocurrencies.
- Deaton’s observation comes in the form of a shared personal experience he had when attempting to make a payment over the Internet.
Here’s a Small But Important Example of How Litigation Hurts #XRPthe adoption of I was just buying an item on the internet and the payment options include: “Pay with cryptocurrency @bitpay,
Bitpay was originally involved #XRP It was one of the first uses of… pic.twitter.com/MGsbWEGnOA
— John E Deaton (@johndeaton1) 3 September 2023
- He noted that payment options include well-known crypto payment processor BitPay, which initially supported XRP as one of its accepted cryptocurrencies.
- However, Deaton revealed that following the SEC lawsuit against Ripple, Bitpay stopped processing XRP transactions within the United States.
- Prior to the lawsuit, XRP was widely recognized as a cryptocurrency for efficient cross-border payments and transactions.
- In contrast, other cryptocurrencies such as Dogecoin, which was initially created as a humorous take on the digital currency phenomenon, have taken on unexpected roles, such as being used for payments.
- Deaton’s tweet highlights the irony of the situation, where cryptocurrencies like dogecoin created as memes have found their way into payment systems. In contrast, XRP, a cryptocurrency specifically designed for payments, has faced setbacks due to regulatory challenges.
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source: cryptopotato.com
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