John Deaton Rejects XRP Buyback Plan – Find Out Why!

The post John Deaton Rejects XRP Buyback Plan – Find Out Why! appeared first on Coinpedia Fintech News

A renowned attorney, John E. Deaton, has taken to Twitter to clarify his stance on Jimmy Vallee’s XRP buyback proposal. The proposed terms of the XRP buyback mentioned making a payment to the attorney for his role in the US Securities and Exchange Commission (SEC) case against Ripple; however, Deaton asserts that he has no involvement with the proposal and will not accept any compensation for his efforts.

What Deaton Says

In the Twitter thread, Deaton stated that he has not and will not ask for money for his work on behalf of XRP or LBRY Credits (LBC) holders and will continue declining compensation offers. He admitted that his efforts have come at a cost but asserts that he is covering the costs himself because it is the right thing to do.

Jimmy Vallee of Valhill Capital 2021 put forward the XRP buyback proposal. Vallee believes that XRP has the potential to become the reserve currency of the world as national debts reach unsustainable levels. 

He posits that the world will have to move to a new financial system with a liquid and scalable digital asset backing it and that XRP is this asset. Vallee places the fixed buyback rate for XRP between $37,500 and $50,000 per token, based on the global wealth and XRP’s 100 billion token supply.

It is worth noting that this theory remains entirely speculative and discussions surrounding it have picked up again following a recent Vallee interview. According to an XRP influencer, Crypto Eri, Vallee, and a “confidential committee” were working on the proposal, and if they managed to broker the deal, they would receive a share of $100,000,000.

Deaton has made it clear that he is not involved with the XRP buyback proposal and will not accept any compensation for his efforts. The proposal remains speculative, and its validity remains to be seen.