Crypto & Blockchain Daily Brief Sunday, February 9, 2025

A lawyer specializing in US reserve laws has suggested that for XRP to qualify as a reserve currency in the US, its price must reach above $1. The lawyer, John E. Deaton, believes that XRP's price needs to be above $1 to meet the requirements for being classified as a reserve currency under US law. This is due to regulations that define a reserve currency as one that has a stable value above $1. Deaton also highlighted that the current lawsuit between the SEC and Ripple Labs has brought attention to the need for regulatory clarity in the cryptocurrency market. He emphasized the importance of clear regulations to protect investors and ensure the market's stability. The lawyer's comments come in the context of ongoing legal battles faced by Ripple Labs, the company behind XRP, in the United States. The SEC has accused Ripple Labs of conducting an unregistered securities offering through the sale of XRP tokens. This has caused uncertainty in the market and led to fluctuations in XRP's price. Deaton's analysis provides insight into the regulatory challenges facing XRP and other cryptocurrencies in the United States. He suggests that reaching a price level above $1 could be a crucial milestone for XRP to be considered a reserve currency under US law. The ongoing legal proceedings and regulatory uncertainties highlight the need for clear guidelines to govern the cryptocurrency market and protect investors.