John Deaton, the lawyer who represents hundreds of XRP token holders in the ongoing Ripple lawsuit against the U.S. Securities and Exchange Commission (SEC), said there was no truth to the perceived notion of Bitcoin and digital assets being a threat to the US financial system and the US Dollar. He spoke at a public hearing at the Maine Financial Services Committee on Tuesday. He also touched upon the impact of the banking crisis and the global implications it had.

Deaton, who is known for the sharp criticism against the SEC’s enforcement actions, talked about the potential use case of Bitcoin acting as the digital dollar. Similarly, XRP’s use case would be to move the value within cryptocurrencies.

There is a perceived threat about cryptocurrencies to the US Dollar and the incumbent (financial) system, he added, saying that it was not true.

(By Anvesh Reddy)