- John Deaton says the SEC has not officially allocated roles to XRP, ADA, and SOL.
- Deaton debunked news from a crypto-related website over unverified reports.
- XRP, ADA, and SOL surged significantly following the role designation report.
Crypto lawyer John E. Deaton has refuted a report that claimed the U.S. Securities and Exchange Commission (SEC) had assigned specific roles to XRP, ADA, and SOL.
Deaton stated unequivocally on social media platform X that the SEC did not release any such information.
What Did the Disputed Report Claim?
The report, which appeared on a crypto news platform several hours before Deaton’s rebuttal, alleged that the SEC had designated XRP for state-level financial transactions, ADA for academic credentialing and government services, and SOL for high-speed blockchain applications.
The article further claimed these were the three cryptocurrencies President Donald Trump said the US government would include in a national crypto reserve.
Related: Is This XRP Proposal on the SEC Website Real? Questions Swirl
According to the discredited report, the SEC clarified that the US government will use XRP for state-level financial transactions, optimizing government payments and interbank liquidity. The report added that the government will also use ADA for academic credentialing, smart contracts for government services, and secure infrastructure management.
In addition, the news platform claimed the SEC clarified that the government would implement SOL for high-speed blockchain applications, such as real-time government databases, secure voting mechanisms, and digital identity management.
Market Reaction: Temporary Gains, Lingering Questions
While neither the US government nor the SEC has confirmed or denied the claims in the original report as of writing this report, the affected cryptos recorded positive returns and made bullish incursions in the market.
Related: Bitcoin Price Correction: Trump Crypto Reserve Announcement Triggers ‘Buy the Rumor, Sell the News’ Market Reaction
XRP surged 10% between Friday evening and early Saturday morning, climbing from $2.238 to $2.475. ADA registered an 8.7% gain after surging from $0.6960 to $0.7577. In the meantime, SOL gained 10.33% after an upsurge that saw its price rally from $122.92 to $136.09.
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