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John Deaton criticized Jim Cramer for making bad remarks about XRP

Attorney John Deaton criticized TV host Jim Cramer for claiming as if the public is unaware of XRP and listed the altcoin’s accomplishments.

Lawyer John Deaton, who specializes in defending cryptocurrency companies, commented on a recent interview with Jim Cramer. The cryptocurrency critic stated as if no one knows what XRP is, and the U.S. government has not recognized the digital asset or seen the need to regulate it. Cramer’s statements did not endear him to the XRP community. Deaton tweeted that it was Kramer who didn’t know anything about XRP, or his comments smacked of falsity.

The lawyer noted that XRP has received numerous recognitions over the past nine years. In 2014, for example, the U.S. Government Accountability Office classified XRP as e-money or virtual currency, which Ripple uses to facilitate transactions. Deaton mentioned that in 2015, the Philippine Department of Justice and the U.S. Financial Crimes Enforcement Network (FinCEN) also classified XRP as a convertible virtual currency. That same year, Ripple was required to comply with U.S. banking laws. Ripple is also required to submit a bi-annual audit report on XRP sales to the U.S. government.

Deaton posted a screenshot of a document in which the U.S. Financial Stability Oversight Council (FSOC) labeled XRP, BTC, ETH and LTC as “virtual currencies” with increasing market capitalization. Interestingly, the report was signed by the chairmen of the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC) and the U.S. Federal Reserve (Fed), Deaton noted.

MoneyGram, a money transfer service, filed a report with the SEC in June 2019 on the use of XRP in cross-border payments. In addition, Deaton pointed out that the UK, UAE, Singapore, Switzerland and Japan have declared XRP a virtual currency that is not a security.

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“If Jim Cramer didn’t know about all this, he could have used Google. Instead, he chose to say something that looks reckless or fake. Either way, he should be ashamed of himself,” the lawyer was outraged.

John Deaton recently dispelled doubts about the illegality of international payments using XRP through Ripple’s On-Demand Liquidity (ODL) solution. The attorney explained that the U.S. SEC has no authority to monitor XRP sales overseas.