While SEC debates whether ICOs should be deemed as securities or not, a Ripple supporter has come out with the plan to protect XRP from being classified as security. And interestingly, his plan is to distance the Ripple token from Ripple blockchain company to make this a possibility. Now it remains to be seen how fruitful this plan will be in achieving its objective.
The project, dubbed XRP Symbol, has been initiated by a Ripple enthusiast and investor Alexavier Guzman. It aims to find a new logo and a Unicode-compliant currency symbol for XRP, which would distance world’s 3rd largest cryptocurrency from its parent organization Ripple and give it a separate, more currency-like identity. Explaining the project in a Forbes op-ed Guzman said:
“The XRP Symbol is an open-source project that started after I realized that XRP was using an ISO 4217 currency code and not a symbol or currency sign. Other cryptocurrencies like Bitcoin were given a symbol that was added to the Unicode Standard, the symbol for Bitcoin is “฿”… I believe that XRP should be treated just like any other currency.”
Interestingly, his project has also gained the support of Ripple organization and community. Ripple tweeted about it through its official Twitter account while declaring that “XRP is independent of Ripple.”
— Ripple (@Ripple) May 10, 2018
Moving further Guzman said that people associate XRP tokens with Ripple because they don’t have their own separate logo. Therefore, it’s generally perceived that XRP is a product of Ripple, the San Francisco based company that makes financial products making use of XRP tokens.
The connection, however, is obviously much deeper than a logo alone. Ripple was the issuer of XRP tokens, and at one point it even controlled the 80% of entire XRP token supply. Moreover, Ripple has also not had any problem in XRP tokens being identified with its trademarks till date. It’s only now that this initiative has been started after SEC tightened its noose around ICOs and made its intention clear about getting them classified as securities. Jay Clayton is obviously not gonna like it, so this move may turn into a futile attempt to protect XRP from being classified as security. SEC’s reaction to this plan will be worth seeing now.