Deaton Says SEC Lawsuit Drew Millions of Users to XRP

According to a pro-XRP lawyer, the Ripple-SEC suit drives interest in XRP; millions of users discover Ripple due to the legal battle.

The ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) has inadvertently sparked a surge in interest and adoption of the cryptocurrency XRP.

John Deaton, a pro-XRP lawyer, recently took to Twitter to express his belief that the SEC lawsuit has introduced many new users to Ripple and its CEO, Brad Garlinghouse.

Deaton’s tweet emphasized the fact that the lawsuit had catalyzed millions of individuals to become aware of Ripple and XRP. He pointed out that there are over 4 million XRP addresses, suggesting that a considerable portion of these users may have discovered Ripple solely due to the SEC’s legal actions.

I have zero doubt that many more #XRPHolders first became aware and learned about @Ripple and @bgarlinghouse because of the SEC and the lawsuit than any before. There are more than 4M XRP addresses. There are people in this 🌎 who own XRP today and still don’t know about… https://t.co/q2ZqitUaMt

— John E Deaton (@JohnEDeaton1) June 23, 2023

Some XRP Users Worldwide Are Unaware of Ripple

Furthermore, Deaton highlighted that there are XRP holders across the globe who might not even be aware of Ripple’s existence. He recounted a conversation with another lawyer who expressed skepticism about some affidavits from individuals who purchased XRP after the lawsuit was filed.

Deaton drew attention to the geographical distribution of XRP addresses, which span countries such as Japan, Mexico, the Netherlands, and Australia. He argued that not everyone closely follows or cares about the SEC’s actions in the United States.

Recall that early this month, the US regulator filed high profile lawsuit against prominent crypto platforms such as Binance and Coinbase, as reported by The Crypto Basic.

Deaton’s remarks gained traction on social media, with several users sharing their experiences. One individual stated that she learned about XRP in 2016 and the technology behind it, but at the time, XRP was unavailable in the US markets.

In a similar conversion thread, Deaton described how XRP’s position as one of the top three cryptocurrencies and its lower price than the top two initially piqued the interest of many people.

So many people reported this to me. “It was a top 3 crypto and a hell of a
Lot cheaper than the top 2.”

Then a lot of people saw the settlement time (3-5 seconds) in their accounts compared to #Bitcoin taking 10 min to an hour. After that, many bought more and then started… https://t.co/9956Ap6P7D

— John E Deaton (@JohnEDeaton1) June 23, 2023

Subsequently, the fast settlement time of 3-5 seconds for XRP transactions, instead of Bitcoin’s lengthier confirmation period, prompted them to research further and make additional XRP purchases.

Ultimately, the unintended consequences of the Ripple-SEC lawsuit have shed light on the broader impact legal actions can have on crypto adoption. While the US regulator cracks down on the crypto industry, the publicity of such actions attracts more users to crypto.