Pro-XRP Lawyer Navigates Criticism for Holding BTC

• John Deaton shared a light anecdote on triggering XRP maximalism.
• The crypto lawyer revealed holding Bitcoin.
• Deaton rejects all forms of crypto maximalism.

Cryptocurrency communities are often known for their intense tribalism, with members fiercely committed to their chosen digital asset. Recently, John Deaton, known for his XRP advocacy against the Securities Exchange Commission (SEC), revealed being on the receiving end of an outburst after disclosing his Bitcoin holdings. 

XRP Lawyer on Receiving End

Deaton revealed being on the receiving end of an outburst after an XRP maximalist found out the lawyer held Bitcoin. Such was the strength of the XRP maximalist’s feelings that he demanded his name be removed from the amicus curiae list supporting Ripple in the SEC legal fight.

Amicus curiae is a Latin term meaning “friend of the court.” It refers to a person or organization not a party to a legal case but offers information or expertise to aid the court’s decision-making process. Deaton rallied the support of around 69,000 XRP holders , later growing to 75,000, to put forward the case that the SEC’s action against Ripple had harmed XRP investors.

Commenting on the light anecdote, another XRP maximalist accused Deaton of lacking respect for the XRP Army. The crypto lawyer addressed this comment by highlighting Bitcoin’s importance to the cryptocurrency ecosystem.

Bitcoin’s Importance to Crypto

In highlighting Bitcoin’s importance to cryptocurrency, Deaton stated that Bitcoin’s price movements have an outsized impact on the overall market, which is all the more critical considering that XRP has not decoupled from BTC. Deaton posited that XRP holders should hope Bitcoin continues appreciating, which paves the way for altcoins such as XRP to follow.

The crypto lawyer said he stands by his personal holdings of BTC and XRP. But signed off, saying he rejects the notion of being a maximalist on both counts, implying both can succeed. 

On the Flipside

• The regulatory status of XRP remains uncertain, while Bitcoin is generally considered a commodity.
• Infighting within crypto communities distracts from advancing the overall blockchain industry.
• Deaton has advocated for many coins, including Ethereum and LBRY .

Why This Matters

The hostility directed at Deaton over his Bitcoin holdings is disproportionate. Nonetheless, the situation highlights the need to tackle toxic tribalism by nurturing the idea that one chain cannot rule them all.

Read about the latest XRP maxi beef with Charles Hoskinson here:
Cardano’s Hoskinson and XRP Community Exchange Punches, Again

Find out more on the allegations leveled against Bitcoin mining pool Ocean Mining here: 

Bitcoin Privacy at Risk: Ocean Mining Accused of Censorship