Ripple News: John Deaton Shuts Down False Claims About XRP in State-Level Payments

The post Ripple News: John Deaton Shuts Down False Claims About XRP in State-Level Payments appeared first on Coinpedia Fintech News

Recently, rumors spread that the U.S. SEC had clarified how different cryptocurrencies might be used within the U.S. government. It was said that XRP could be used for state-level financial transactions and optimizing government payments, ADA for academic credentialing, smart contracts for government services, and secure infrastructure, and SOL for high-speed blockchain applications like secure voting and digital identity management.

However, these rumors were quickly shot down by the founder of CryptoLaw and pro-XRP lawyer, who clarified on social media that the SEC had not released any such information.

The rumors came just after U.S. President Donald Trump signed an executive order to create a strategic reserve of cryptocurrencies using tokens already owned by the government. The order sparked interest in the market, as Trump named Bitcoin, Ether, XRP, Solana, and Cardano as the digital assets expected to be included in the reserve. However, the market was left disappointed after the announcement, as many were hoping for a concrete plan to buy new tokens.

On March 7, President Donald Trump hosted a meeting with crypto executives at the White House for the first-ever Crypto Summit. During the summit, Trump and other cabinet officials met with key figures from the crypto industry to show continued support for the sector and gather ideas for future regulation and legislation.

This event followed Trump’s recent Executive Order, which announced the creation of a federal Bitcoin reserve. However, when Trump first mentioned the idea earlier, there were concerns that he might raise taxes to buy crypto and that including smaller, more volatile coins like Cardano and XRP could pose risks.