There has been a major controversy on whether XRP is a currency or a security. In fact, there is an ongoing case in court on the matter and the SEC has not been able to come to a conclusion. Ripple’s lawyers on the case, however, maintain that XRP is a currency and not a security and so the case should be struck out by the court. It seems most of the public thinks differently though.
A recent Twitter poll by an attorney and solicitor Preston Byrne sought to ascertain how much XRP has been used for the purchase of goods and services as a currency. The result indicates that 68% of the almost 5,500 respondents have never used the token to buy or pay for anything. 32%, however, claim they have used it to buy and pay for services.
The resultant debate
The poll has stirred a debate among Byrne’s followers, some of which say they have used XRP to buy several things. Ripple has a strong fan base that is always very ready to defend the company and XRP, and some question if Preston knows what a cryptocurrency is. Below are some of the comments.
“Really Preston? Currency can be either fiat or tied to an underlying asset which in this case is digital. It doesn’t have to be spent in order to qualify as currency. That’s like asking someone have they ever bought anything with their house. Absolute muppet of a statement.” @michaeldevlinuk
A Twitter user who is against the opinion that XRP is a currency replied:
“I only hear from people telling me that they buy XRP in order to invest in @Ripple. I always tell them that it’s a scam and even an illegal security. So many poor souls got harmed by these criminals.” @CandleHater
The community awaits
Although the case of XRP being a security has been on for quite some time, it doesn’t seem to be making headway. In fact, a legal practitioner Jake Chervinsky said in March that the ruling should not be expected in 2019. With Ripple’s lawyers asking that the case be struck out, the crypto community is watching to see what happens next.