Crypto lawyer once backed Ripple and XRP against the SEC
Taking to his most used platform, Twitter, Deaton shared an excerpt from Bill Hinman's speech in which he highlighted one of the definitions of what constitutes a security.
"The same reasoning applies to digital assets. The digital asset itself is simply code. But the way it is sold – as part of an investment; to non-users; by promoters to develop the enterprise – can be, and, in that context, most often is, a security," the excerpt reads. Deaton said the use of XRP by its buyers was simply to establish a trust line with XRP Ledger to transfer value. Besides transferring value, Deaton submitted that many other people also got their salaries paid in XRP through BitPay and other vendors. The vocal attorney also noted that thousands of holders used XRP as a substitute for cash and that businesses also accepted the coin as payment for goods.
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