Amidst all the legal developments in the XRP Vs US SEC lawsuit recently, the XRP price fell back to where it was prior to the historic Summary Judgment by Analisa Torres in July 2023. John Deaton, the attorney behind the thousands of XRP token holders in the Ripple lawsuit against the U.S. Securities and Exchange Commission (SEC), wondered if the company would have been in a much better position if not for the lawsuit filed in 2020. He explained that the lawsuit definitely had a negative impact on XRP and development related to the XRPLedger.
Coinbase Would Have Acquired Stake In Ripple?
Attorney Deaton blamed the US SEC lawsuit for the slowdown in progress of Ripple projects. If not for the lawsuit, the company would have been in such a position that it would have been acquired by crypto exchange Coinbase, in the context of its acquiring stake in Circle, the company behind the stablecoin USDC, he questioned.
“What could have happened regarding adoption of XRP during the last 3 years, if the lawsuit was never filed? Would Coinbase today be announcing it acquired a stake in Ripple, instead of Circle?”
Impact On XRP Price
The lawsuit had also undoubtedly affected the token price, which despite the heavy headwinds stood strong thanks to the support from community. The attorney had also reminded that Coinbase was heavily promoting XRP before the SEC filed lawsuit in December 2020, after which many other crypto exchanges delisted the token for trading. He added that it is not often stated currently about “How much Coinbase promoted XRP before the lawsuit. Deaton added that he had himself doubled down on his XRP investment after Coinbase listed the token and promoted its utility.
