John Deaton Debunks Fake SEC Crypto Classification Claim

Prominent crypto lawyer John Deaton has refuted a false claim circulating in the crypto space regarding the U.S. Securities and Exchange Commission (SEC). The misleading report suggested that the SEC had released a clarification categorizing cryptocurrencies like XRP, ADA, and SOL for potential roles within the U.S. government.

Deaton took to X (formerly Twitter) to address the misinformation, warning the crypto community not to fall for such deceptive narratives. "EVERYONE: The @SECGov did not release any such thing," he wrote, emphasizing that no such classification had been issued by the regulatory agency.

Experts warn that false reports like this could be part of a broader effort by malicious actors to mislead investors. In the volatile crypto market, misinformation can spread quickly, potentially influencing investor sentiment and market movements. Deaton urged XRP holders and the broader crypto community to remain vigilant against misinformation that could be used to manipulate traders.

As of the latest market data from CoinMarketCap, XRP is trading at $2.33, reflecting a 2.32% decline over the past 24 hours. Meanwhile, Cardano (ADA) is priced at $0.7183, down 1.47% within the same timeframe.

The crypto space is no stranger to rumors and misinformation, making it crucial for investors to verify news from reliable sources before making any financial decisions. Deaton’s warning serves as a reminder to stay cautious and rely on official statements rather than unverified claims that could impact the market.