Ripple engages with SEC to educate them about XRP use cases: Official 23354
News
Pinaz Kazi
Sep 18, 2018 at 5:55 PM

An official of Ripple in a recent interview revealed about the company’s engagement with SEC. The company’s Head of Government & Regulatory Relations, APAC & Middle East, Sagar Sarbhai, revealed the same when discussion about XRP is a security or not took place.

In the recent interview with CNBC, Sarbhai was asked whether the ongoing lawsuits in the U.S claiming XRP is a security would be affecting the crypto adoption or not. Responding to which he said, “As far as the U.S is concerned, I think it is ultimately it is the Securities Exchange Commission [SEC] that will decide.”

He went onto explain that Ripple continuously engages with SEC, educates them about the use cases of XRP and what XRP does. They, obviously, believe that XRP is not a security. To back his statement, he went on to say that there are multiple reasons why the company believes so.

The first reason he gave was, when someone invests in XRP, he will not be receiving a stake in the company or any dividends from Ripple. Second reason he gave was Ripple and XRP are two different things. He went on to explain that XRP ledger will stay even if Ripple – the company – doesn’t exist. He added that it is so because XRP ledger is open source and anybody can use it.

Further, Sarbhai went on to explain how things are going with the other parts of the world. He specifically mentioned Thailand, stating that the country has come up with a new asset class known as “digital assets”. He said that Thailand has decided to allow Ripple's XRP to be traded among six other cryptocurrencies. He went on to say that other countries like Australia and Philippines, have categorised XRP and other digital assets as either a commodity or cryptocurrency. The Abu Dhabi growth Market [ADGM] has also classified XRP and other cryptocurrencies as commodities. He concluded saying, “So we are not really worried about it, to be honest.”

See also:

Ripple’s Cory Johnson speaks about prospect of future innovations in blockchain, regulatory bodies & more

SBI & Ripple build Payment Application for iOS & Android

Image via Shutterstock

Join our Telegram group