According to the Chief marketing strategist Cory Johnson, Ripple is very much a cryptocurrency and does not fall under the securities. He said this while putting to rest, speculations of Ripple not being on the exchange list of Coinbase.
“We absolutely are not a security. We don’t meet the standards for what a security is based on the history of court law,” – Cory Johnson
The statement comes amid debate over whether U.S. securities law applies to cryptocurrencies.
The U.S. SEC has indicated that law generally applies to Ripple and has also issued dozens of subpoenas for information on sales of the budding digital coins.
Other coins like Bitcoin and Ethereum, considered to be largest cryptocurrencies by market capitalization, are generally not considered securities. Coinbase, the most popular exchange currently lists only four coins: bitcoin, bitcoin cash, ethereum, and litecoin.
As of November 2017, the exchange had 13 million users and traders assume that a new coin addition can increase the number of users.
San Fransisco-based Ripple is developing a payments network for financial institutions. XRP, often known as a ripple, is the market name of the coin participants can use for transactions.
As of now Ripple owns about 60 billion of the 100 billion XRP tokens ever created.
Ripple has been in talks with Coinbase regarding the listing of the coin and has not come across any glitch till now according to Johnson.
“Coinbase never ever raised the issue of whether or not XRP is a security in our discussions about listing XRP,” Johnson said. “We’re 100 percent clear, it’s not a security. We don’t meet the standards.”
Coinbase has not commented anything regarding the situation, but a spokesperson for the exchange said that they did not discuss regulations with Ripple just about including the assets they updated in March.
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