Ripple CTO Addresses XRP’s Security Status: Turning Point Revealed
Ripple CTO David Schwartz recently took to Twitter to address concerns regarding the security status of XRP, the controversial token linked to the San Francisco-based blockchain company. Schwartz pinpointed the exact moment XRP ceased to be a security, clarifying that it happened when the company relinquished its control over the XRP Ledger, allowing others to maintain it as well. The debate focused on the degree of Ripple’s control over XRP Ledger and the implications of this control on the digital asset’s classification as a security.
Twitter user ScamDetective5 argued that Ripple’s control of the default Unique Node List (dUNL) and the company’s responsibility for code updates to the Rippled codebase indicated XRP Ledger’s reliance on Ripple. This dependency, the user implied, might contribute to XRP being classified as a security.
Schwartz responded that Ripple’s actions were for the sake of convenience and not out of necessity, emphasizing that there were no significant obstacles preventing others from maintaining the ledger. He also argued that getting a new Unique Node List (UNL) accepted would depend on convincing the majority of the network, not just Ripple. The debate over XRP’s securities status is at the center of the ongoing U.S. Securities and Exchange lawsuit against Ripple.