A recent exchange on the social media platform X has reignited the debate surrounding XRP’s independence and classification. The discussion began when XRPL validator Vet addressed a Fox News reporter, stating that XRP is not attached to any company and should be recognized as a commodity like Bitcoin. Vet’s response directly challenges the misconception that XRP is controlled or owned by a single entity. Debate Over XRP’s Connection to Ripple Vet’s statement was met with pushback from some X users who argued that XRP is, in fact, closely tied to Ripple. A user named JAXES disagreed, asserting that XRP’s association with Ripple is undeniable, regardless of personal views. In response , Vet distinguished between the legal and practical realities of XRP’s relationship with Ripple. He acknowledged that Ripple is a significant player in the XRP ecosystem and uses the digital asset extensively but emphasized that this does not mean XRP is legally or fundamentally tied to the company. Another user, Fish Ricket, insisted that Ripple is “very much attached” to XRP. Vet clarified that while Ripple is involved with XRP, the connection does not work in both directions. In other words, while Ripple uses XRP, it is not dependent on the firm’s existence. This distinction is crucial in understanding the decentralized nature of the XRPL. XRP’s Status as a Commodity Vet’s original argument was that XRP, like Bitcoin, should be classified as a commodity. This viewpoint aligns with the position held by many within the cryptocurrency industry who argue that XRP exists independently of any company. Unlike securities, which are tied to an issuing entity, commodities are assets that operate on open markets without reliance on a single organization. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 This debate over XRP’s classification has been central in regulatory discussions and legal proceedings. Ripple’s use of XRP in financial products and its substantial holdings have led to persistent misconceptions that XRP and Ripple are interchangeable. However, XRP operates on a decentralized, open-source blockchain maintained by independent validators, supporting the argument that it is not owned or controlled by Ripple. Public Perception vs. Technical Reality The discussion between Vet and other X users highlights the ongoing divide between public perception and the technical reality of XRP. While Ripple plays a major role in the XRP ecosystem , XRP’s existence and functionality do not depend on Ripple. This distinction remains a key point of contention among market participants and regulators. Vet’s argument reflects a broader effort within the XRP community to separate the digital asset from Ripple’s corporate identity. As discussions around regulation and adoption continue, the classification and independence of XRP will remain an important topic in the cryptocurrency space. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on X , Facebook , Telegram , and Google News The post Like Bitcoin, XRP Is Attached to No Company –XRPL Validator Hits Back At Fox Reporter appeared first on Times Tabloid .
