Crypto Lawyer John E. Deaton Refutes Report Claiming SEC Had Assigned Specific Roles to XRP, ADA, and SOL

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.

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 (CRYPTO: XRP), ADA (CRYPTO: ADA), and SOL (CRYPTO: SOL).

Deaton stated unequivocally on social media platform X that the SEC did not release any such information.

“EVERYONE:The @SECGov did not release any such thing.

This is a lie. Complete fabrication. Don't be stupid. https://t.co/PbRoMZbe6A”

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.

According to the credited report, the SEC clarified that the US government will be using XRP for state-level financial transactions, which will help to optimize government payments and interbank liquidity. The report added that the government will also be using 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 be implementing 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.

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.