John Deaton, the founder of “crypto law”, an outlet focused on key U.S. regulatory developments for the digital asset sector, has hit out at Lark Davis for questioning XRP’s value. The lawyer was responding to a random tweet by Davis, who wrote on Friday;
“Sooo…. if JP Morgan is using $Matic and $AAVE to settle USD to JPY forex transactions then what is the value proposition for XRP now?”
Lark Davis is a top-ranked influencer in the crypto space who boasts over a million followers on Twitter and over 480,000 subscribers on Youtube, as well as a two-year-old weekly newsletter, Wealth Mastery. According to Deaton, Davis was mistaken for thinking that the SEC lawsuit was limited to Ripple sales. The lawyer went on to question the influencer’s understanding of XRP.
“Does he really think because JPM is using Matic & AAVE to settle USD to JPY, that somehow lessens the value proposition for XRP? First, does he not know the difference between Ripple and XRP?” tweeted Deaton.
To the lawyer, Davis’ question would have made more sense if he had asked whether JPM’s use of Matic & AAVE negatively impacted Ripple’s business model. “It is very surprising to me that XRP remains one of the most misunderstood cryptos out there – even though it has been around and near the top for a decade,” he added.
Deaton argued that XRP’s value was portrayed in how it had remained a top ten cryptocurrency by market capitalization despite being delisted by major US crypto exchanges after the SEC instituted the suit against Ripple in 2020. Furthermore, he noted that Ripple was one of the few companies involved in crypto growth and hiring.
Despite the SEC vs Ripple case being around for nearly two years, many users still cannot differentiate between XRP, XRP Ledger, Ripple, and RippleNet. For context, Ripple is a company building crypto payments infrastructure for businesses and institutions. RippleNet is Ripple’s system that financial institutions use. Just like SWIFT, Ripplenet has its system and network of financial institutions and consists of many products and services, including On-Demand Liquidity (ODL).
On the other hand, XRP is the native cryptocurrency of the XRP Ledger (XRPL). Currently, hundreds of projects are building on XRPL, with XRP and its technology being leveraged for many use cases, including settlements, micropayments, DeFi, tokenization, and NFTs.