- John Deaton has rebutted television personality Jim Cramer’s attacks on XRP.
- “What do we know about XRP? Nothing,” said Cramer in a Mad Money episode on CNBC.
- In a detailed Twitter post, Deaton elaborated on everything Cramer could have easily known about XRP.
Crypto lawyer John Deaton has clapped back against television personality Jim Cramer for his attack on XRP. “Let me show you just how fake or ignorant Jim Cramer is being in the video below,” said Deaton, sharing a video wherein the TV host was seen criticizing XRP.
In his long Twitter post, Deaton starts off by rebutting Cramer’s first statement in the video. “What do we know about XRP? Nothing,” said Cramer in a Mad Money episode from earlier this year, adding that the government and the public knew nothing about XRP. However, Deaton reminded his followers that in 2014, the U.S. Government Accountability Office classified XRP as a “virtual currency utilized in a decentralized payment protocol called Ripple.”
Jim is either truly ignorant (not in the name-calling way – but ignorant on the subject matter) or he is being completely fake, lacking integrity.
Deaton further explained that in 2015, the Department of Justice and the Financial Crimes Enforcement Network settled with Ripple classifying XRP as a “convertible virtual currency.” Ripple was then ordered to comply with U.S. Banking laws and provide the U.S. Government with an auditor’s report every six months of all XRP sales.
In 2019, in the annual report filed by the Financial Stability Oversight Council, XRP, with BTC, ETH, and LTC were highlighted as “virtual currencies” gaining in market cap. This report was signed by the Chair of the SEC and CFTC, the Chair of the Federal Reserve, and the U.S. Treasury Department, among others.
Furthermore, in June 2019, MoneyGram filed a form with the SEC disclosing how it was utilizing XRP in its cross-border payments business. “And there’s more,” said Deaton, “like how XRP was publicly traded on 200 exchanges worldwide. How the United Kingdom, UAE, Singapore, Switzerland, and Japan had all declared XRP as a virtual currency and specifically said XRP was NOT a security.”
Ending the thread, Deaton concluded that if Jim Cramer wasn’t aware of all XRP’s filings and classifications, he could’ve easily done so with a simple Google search. “Instead, he chose to say what he did, which was reckless or intentional.”
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