Attorney John Deaton, who specializes in protecting cryptocurrency companies, tweeted that, if not for the US Securities and Exchange Commission (SEC) lawsuit, XRP cryptocurrency could be widely used as a payment method for Amazon Pay. Amazon Pay has over 50 million users, and that huge audience could have known about XRP years ago.
Deaton mentioned BitPay, a cryptocurrency payment platform that originally offered U.S. customers to pay for purchases using XRP. However, after an SEC lawsuit against Ripple Labs, in which the regulator called XRP an unregistered security, BitPay stopped processing XRP payments in the US. According to the lawyer, the SEC lawsuit created unfavorable conditions for this altcoin, while BitPay allowed customers to pay with DOGE and SHIB memcoins.
“It turned out quite ironically: XRP was created for payments, and DOGE was initially perceived as a joke. Now, due to the SEC, meme cryptocurrency is used for making payments, and XRP cannot be used for this purpose. Yes, this accurately reflects the logic of the SEC,” Deaton tweeted.
Recently, a lawyer clarified that cross-border payments using XRP through the Ripple On-Demand Liquidity (ODL) solution are completely legal, since the powers of the SEC are limited only to the territory of the United States.
Source: Bits
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