Tuesday, December 6

Attorney John Deaton Reacted To Michael Saylor For Calling XRP A Security.

Seems the previous comment of one of the Bitcoin maximalists, Michael Saylor about the XRP and every other crypto is now triggering reactions from the members of the crypto community. Early enough, the IOG CEO reacted to the Michael Saylor comments, calling a Cardano, XRP, and Ethereum security and also said it is only Bitcoin that features the commodity.

Following the reaction of the Ethereum Vitalik’s reaction, the attorney John Deaton, the lawyer representing over 68,000 XRP holders in the SEC versus Ripple lawsuit and later got the amici status also reacted to the same comment of Michael Saylor.

It all happened when the attorney representing over 68,000 XRP holders invited the Bitcoin maximalist, Michael Saylor for further clarification on his comment on XRP  as “Security”.

Recall, Michael Saylor stated asides from calling all cryptocurrencies security except Bitcoin all legitimate talent in the crypto sphere is working in the Bitcoin ecosystem and he also said if a developer is honest and ethical, then he would be working on bitcoin’s lightning network.

All of the comments triggered the attorney representing over 68,000 XRP holders and he quickly noted that Saylor’s comments were all flawed and he said Michael’s understanding of security is right.

Read Also: Over 4.7 Billion SHIB Have Been Burned In The past 30 Days, 1.13 Billion SHIB In A Week, 216.48 Million SHIB In The Past 24 Hours

Read Also: While The Ethereum Network Await The Merge, Ethereum Classic Releases A Firmware For Mining Their Native Crypto, ETC

Michael Saylor’s comment came as shock to Deaton as he regard Microstrategy CEO as a learned who should have a better understanding. Also, on the ethical view of Michael, attorney Deaton responded via his Twitter handle;

“More troubling are his comments that if you’re ethical, you would build only on Bitcoin and Lightning. The ethical comments are absurd, and Saylor needs to be better than that. The problem with his analysis is that he equates every potential developer with the platform’s founders,” 

Attorney Deaton buttressing his point said many developers would choose to build on a specific network such as Ripple’s XRPL because the network goes with their vision. The developers would have to make their choice without partnering with the blockchain founders.

He also mentioned SpendTheBits, a solution that was built on the XRPL which allows people to use their Bitcoin in payments at a relatively minimal cost.

The Ethereum’s vitalik has once reacted to the same Michael Saylor’s comments by calling him a total clown and the Cardano in his reply, stated that taking an argument with a Bitcoin maximalist like Saylor is a total waste of time.

900 XRP Were Unlocked From Escrow

A total of 900 XRP were unlocked from escrow earlier today as stated by the cryptocurrency whale tracking service, Whale Alert.

The Whale Alert clarified that a minimum of 900 XRP were unlocked earlier today in two separate transactions from an anonymous escrow wallet. The first transaction claimed a total of 500M which is worth almost $188.86 million.

The second transaction claimed 400 million XRP which is worth $151 million at the time of writing.

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