John Deaton Slams Jim Cramer Over ‘Ignorant’ and ‘Fake’ Statements

John Deaton, a well-known crypto attorney and advocate for XRP, has voiced his strong disagreement with recent comments made by Jim Cramer, a widely recognized financial commentator, regarding the XRP cryptocurrency. Cramer’s remarks, which included a claim of ignorance about XRP, did not sit well with Deaton.

Read on to know what transpired.

XRP’s Transparent History

Deaton pointed out that in the not-so-distant past, several official bodies, both domestic and international, have shed light on XRP. As early as 2014, the U.S. Government Accountability Office (USGAO) recognized XRP for its use in Ripple’s decentralized payment system. 

By 2015, two prominent U.S. government agencies, the Department of Justice and the Financial Crimes Enforcement Network (FinCEN), labeled XRP as a “convertible virtual currency.”

Deaton added that Ripple was given directives to align with U.S. banking guidelines, not securities regulations. It’s noteworthy that during this period, the SEC was completely informed of these classifications and directives.

XRP’s Global Recognition

Furthermore, in 2019, the Financial Stability Oversight Council’s (FSOC) annual report prominently mentioned XRP alongside major digital currencies like Bitcoin, Ethereum, and Litecoin. This report bore signatures from esteemed members of the financial ecosystem, including the chairs of the SEC, CFTC, and the Federal Reserve. 

In that same year, global payment company MoneyGram shared insights with the SEC about their utilization of XRP for international transactions. Deaton went further to explain that on the international front, nations such as the UK, UAE, Singapore, Switzerland, and Japan have unambiguously recognized XRP as a virtual currency, emphasizing its distinction from securities.

As Clear as Can Be

Deaton underscored that all this information about XRP was readily accessible with even a cursory Google search. This makes Cramer’s comments either a hasty oversight or a purposeful misdirection. In Deaton’s view, regardless of the reason, Cramer ought to reflect on his statements. The crypto attorney’s fervent response was triggered by a video shared by a respected member of the XRP community, Digital Asset Investor.