SEC Did Not Assign Roles to XRP, ADA, and SOL, Clarifies John Deaton
- John Deaton confirmed the SEC did not assign roles to XRP, ADA, and SOL.
- Prices of XRP, ADA, and SOL surged briefly due to the false report.
- Deatons clarification highlights the need for relying on official sources.
Amid rising speculations on what the roles of XRP, ADA, and SOL will be in the American financial system during the Trump administration. Crypto attorney John E. Deaton has strongly debunked assertions that the U.S. SEC had formally designated the said altcoins to certain roles.
A report doing the rounds online indicated that the SEC had issued information acknowledging XRP for state financial transactions, ADA for educational credentialing and smart contracts for government services, and SOL for accelerated blockchain use such as digital identity and secure voting.
The paper, allegedly posted on the SECs website, induced controversies and triggered significant price hikes in the three cryptocurrencies. Yet Deaton quickly debunked them through a tweet on X, where he said, The SEC did not release any such thing.
Market Reaction to the Unverified Report
Following the circulation of this unverified report, XRP, ADA, and SOL saw significant price increases. XRP rose from $2.238 to $2.475, ADA climbed from $0.6960 to $0.7577, and SOL surged from $122.92 to $136.09.
These gains were primarily driven by market speculation, as investors reacted to the purported SEC announcement.
But Deatons intervention prompted a re-evaluation of the situation by crypto traders and enthusiasts. The effect of the false report shows how misinformation can shape market trends, underscoring the importance of using credible sources before making investment choices.
Clarification and Community Response
Deatons explanation has been widely accepted in the crypto community, with other XRP attorney Bill Morgan supporting his assertion by challenging the documents origin. Numerous users noted that the proposal seemed to be a standalone submission and not an official SEC mandate.
This event highlights the unpredictability of the crypto market and the consequences of unverified reports. It also reminds investors to carry out due diligence and consult official regulatory bodies. That is for information prior to making investment choices.
With the crypto environment evolving further, investors and traders need to be vigilant, cross-checking news before responding to market action prompted by speculative rumors.
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Read more: https://thenewscrypto.com/sec-did-not-assign-roles-to-xrp-ada-and-sol-clarifies-john-deaton/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
