February 12, 2025
Here's How the SEC Lawsuit Is Hurting Ripple (XPR) Adoption, According to Lawyers

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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.
  • 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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