- John Deaton, prominent pro-XRP lawyer, shares insights on Ripple’s potential buyback.
- Ripple’s CTO, David Schwartz, denies knowledge of any buyback plans, debunking the rumors.
- Nevertheless, Deaton suggests alternative strategies for Ripple to invest $5 billion and expand its crypto presence.
As the Ripple Labs buyback rumor takes center stage, John Deaton, a leading pro-XRP lawyer, shares his insights while proposing strategies to boost Ripple’s presence in the crypto realm.
The cryptocurrency community is abuzz with rumors surrounding Ripple Labs, the renowned blockchain fintech company, and its alleged plans to repurchase a colossal 10 billion XRP tokens. While Ripple’s CTO promptly debunked these speculations, the indefatigable advocate for XRP, John E. Deaton, continues to make waves with his thought-provoking remarks.
Renowned for his unwavering support for XRP, Deaton initially expressed skepticism, stating that he would withhold belief until Ripple officially confirmed the buyback news. Deaton’s insightful reservations resonated with fellow XRP lawyer Bill Morgan, who extensively explored the potential financial ramifications such a buyback could entail.
David Schwartz, the brilliant CTO of Ripple, addressed the allegations head-on, providing clarity on the matter. Schwartz asserted that although Ripple engages in XRP purchases, he had no knowledge of any specific plans for a buyback at this juncture. Moreover, he emphasized that no credible sources had substantiated the swirling rumors.
However, even in the wake of Schwartz’s authoritative clarification, Deaton seized the opportunity to express further comments on the tantalizing rumor. He resurfaced with a striking repost:
I’m no Brad Garlinghouse but I could think of other ways to spend $5B to expand Ripple’s reach within the Crypto ecosystem. There’s a few bankrupt assets that one might be able to purchase with $5B.
Deaton’s comment suggests that he believes there are alternative strategies Ripple could employ to maximize the impact of $5 billion. By referencing “bankrupt assets,” Deaton implies that Ripple could potentially acquire undervalued or struggling projects within the crypto industry.
As the ripple effect of Ripple’s rumored buyback spreads throughout the crypto landscape, the timing of this speculation coincides with the heightened regulatory scrutiny plaguing the cryptocurrency industry. Ripple Labs finds itself embroiled in a fierce legal battle with the U.S. Securities and Exchange Commission (SEC) regarding the classification of XRP as a security.
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