Home News Ripple’s Chief Market Strategist Says ‘XRP Is NOT a Security’

Ripple’s Chief Market Strategist Says ‘XRP Is NOT a Security’

April 13, 2018 12:44
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Putting speculations to rest once and for all, one of Ripple’s top executives told a financial daily that XRP is not a security.

Ripple’s chief market strategist, Cory Johnson, told CNBC, “We absolutely are not a security. We don’t meet the standards for what a security is based on the history of court law.”

This news comes merely weeks after Coinbase and Gemini, two of the most coveted cryptocurrency exchanges in the United States of America refused Ripple’s offers of bribe in return for listing XRP on their exchange. On that ocassion Ripple had allegedly offered Winkelvoss twins-run exchange Gemini $1 million to get a spot.

In the case of Coinbase, Ripple said it was willing to pay $100 million worth of XRP to start letting users trade the asset. Without putting the proposal in writing, Ripple told Coinbase that it could pay back the loan in either XRP or dollars. If the exchange decided to opt for the latter choice, it might have profited if the tokens’ value in price rose after being listed.

San-Francisco-based Ripple is developing a blockchain-based payment service to help out banks. XRP the cryptocurrency developed by Ripple is used by traders as a popular crypto asset for trading.

Although Johnson admitted that the company had discussions with Coinbase regarding listing XRP on the latter’s exchange, but the question of XRP’s  status with regulators was not a part of it.

He added, “Coinbase never ever raised the issue of whether or not XRP is a security in our discussions about listing XRP. We’re 100 percent clear, it’s not a security. We don’t meet the standards.”

In a statement last month, Coinbase had said they were not currently adding any new crypto assets. A blogpost on the same had said, “As of the date of this statement, we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company.”

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