Crypto Attorney: XRP on TapJets Is Payment Substitute, Not Investment

• Attorney John E Deaton says it is important to highlight Ripple’s XRP use cases against the SEC chair.
• Uber is considering enabling Bitcoin as one of the payment methods due to its growing value.
• TapJets’ Amicus Brief highlights XRP’s utility, benefiting businesses and workers in the industry.

John E Deaton elaborated in a Twitter thread posted earlier today that Ripple (XRP) was only a payment substitute for fiat on TapJets and not an investment. He highlights Judge Torres’ ruling noting that when TapJets sells XRP on a crypto exchange, the token converts to fiat.

As an aside, Ripple had nothing to do with TapJets and clearly, TapJets accepting payment in #XRP was NOT an investment. It was being used as a substitute for fiat currency. When TapJets then sells #XRP on @coinbase or @krakenfx or @UpholdInc to
convert to fiat, it’s not a…

— John E Deaton (@JohnEDeaton1) July 30, 2023

During an interview with Uber’s CEO Dara Khosrowshahi, he said that the transport company is exploring Bitcoin as one of the payment methods in the near future. Deaton retweeted the same, adding that the private jet company, TapJets, is currently accepting crypto, with XRP being the most popular choice.

Amidst the legal battle between Ripple and the US SEC, TapJets filed a compelling Amicus Brief explaining XRP’s utility. As Deaton explains, XRP presented a solution for the “Friday Night Problem” that was slowing down TapJets. On Friday evenings, all banks are closed, which means no cashier or certified checks or wire transfers are accessible. Additionally, credit card acceptance incurs high fees ranging from 3% to 5%.

However, Contrary to the previously discussed limitations, XRP stands out as an around-the-clock-available option that swiftly settles payments in a maximum of 5 seconds.

TapJet’s Amicus Brief on XRP’s Utility

Furthermore, Deaton celebrated travelers’ ability to book a flight and proceed to the private airport for departure within minutes of making the booking via XRP on TapJet. He acknowledges how this narrative showcases XRP’s practical solutions and contribution to resolving real-world challenges, benefiting both businesses and workers.

With TapJets technology, this process is now reduced to an instant on-line booking that is as easy as calling an Uber…The pilot, flight attendant, fuel company, airport attendants, etc earn money they otherwise wouldn’t.

According to the crypto attorney Deaton, the crypto community should emphasize examples similar to XRP on TapJet to debunk US SEC Chair Gary Gensler’s narrative that everyone engaged in Crypto is a dishonest or fraudulent individual.

Source: https://thebittimes.com/crypto-attorney-xrp-on-tapjets-is-payment-substitute-not-investment-tbt57405.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam

Category: Cryptocurrency News

Post by: TheBitTimes.com