Ripple’s chief technology officer David Schwartz says the company’s XRP token is a “commodity” despite an ongoing legal dispute over its status.
Schwartz claims XRP fits into the definition of a commodity under US federal finance rules ahead of a possible legal ruling this year on whether the token was illegally traded as an unregistered security.
“XRP is a raw good that trades in commerce and one XRP is treated as equivalent to every other XRP. That’s pretty much the definition of a ‘commodity.’ No part of XRP’s value comes from anyone else’s legal obligations to XRP holders.”
Trending: The Left Wants To Take Your Truck Because It’s Big And Scary
The U.S. Securities and Exchange Commission (SEC) has sued Ripple alleging XRP is a security.
Schwartz also states the government is inconsistent in its characterization of
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!