It is a truth universally acknowledged that a cryptocurrency in possession of a legal victory must still be in want of public approval. Thus, the case of Ripple versus the SEC concluded with a flourish, the latter having graciously dropped its appeal and imposed a fine of $125 million, while conceding that XRP is not, in fact, a security. Yet, Ripple’s cross-appeal lingers unresolved, ensuring the matter remains a subject of much gossip and speculation.
Despite this seemingly favourable outcome, certain individuals of the crypto persuasion—particularly those of the Bitcoin persuasion—remain unconvinced. Max Keiser, a gentleman of considerable renown in Bitcoin circles, dismissed the ruling with the air of one who has tasted sour grapes, insisting that XRP is nothing more than a pre-mined security. His conviction was bolstered by the SEC’s declaration that Bitcoin and other proof-of-work cryptocurrencies are not securities, leading him to assert, with no small measure of drama, that both XRP and Ethereum belong in the same dubious category.
At the heart of this tempest lies Ripple’s control over 37 billion XRP, held in escrow and valued at a staggering $88.39 billion. Given that XRP’s circulating market cap stands at $138.41 billion, it is evident that over a third of the total supply remains firmly in Ripple’s grasp. While the company has outlined plans for a gradual distribution of these assets, critics—ever eager to find fault—argue that such centralization undermines XRP’s claim to decentralization. One might say, with a touch of irony, that Ripple’s fortune is as much a blessing as it is a burden. 😏
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2025-03-22 14:19