Crypto Lawyer Debunks SEC Role Claims, XRP, ADA, SOL Surge 10%
1min read Crypto lawyer John E. Deaton has publicly refuted a report that claimed the U.S. Securities and Exchange Commission (SEC) had assigned specific roles to the cryptocurrencies XRP, ADA, and SOL. Deaton took to the social media platform X to clarify that the SEC had not released any such information, debunking the unverified reports circulating on a crypto-related website.
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According to the disputed report, the SEC had designated XRP for state-level financial transactions, ADA for academic credentialing and government services, and SOL for high-speed blockchain applications. The report further alleged that these cryptocurrencies were part of a national crypto reserve mentioned by Donald Trump. However, Deaton's statement on X contradicted these claims, asserting that the SEC had not made any official announcements regarding the allocation of roles to these cryptocurrencies.
The report, which surfaced several hours before Deaton's rebuttal, had sparked significant market reactions. XRP, ADA, and SOL experienced notable surges in their values following the publication of the report. XRP climbed from $2.238 to $2.475, ADA increased from $0.6960 to $0.7577, and SOL rose from $122.92 to $136.09. These gains were likely driven by the speculative nature of the market, where unverified reports can lead to temporary price increases.
Deaton's intervention highlights the importance of verifying information from official sources, especially in the volatile world of cryptocurrencies. The debunking of the report serves as a reminder to investors and enthusiasts to exercise caution and rely on credible sources for accurate information. The SEC's silence on the matter further underscores the need for official confirmation before making investment decisions based on unverified reports.
In conclusion, the debunking of the report by Deaton underscores the need for vigilance and critical thinking in the cryptocurrency space. While the market may react to unverified reports, it is crucial for investors to wait for official statements from regulatory bodies before making any decisions. The incident also highlights the potential impact of misinformation on the cryptocurrency market, emphasizing the importance of reliable sources and official communications.
