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

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 Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President 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.

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Trump’s Crypto Summit and Strategic Bitcoin Reserve

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.

Trump said,

“America will follow the rule that every bitcoiner knows very well, ‘never sell your bitcoin. I don’t know if that is right or not. Who the hell knows? Who knows, but so far it’s been right. Let’s keep it that way.”