The United States Congressman Tom Emmer has said that he does not consider Ripple’s native digital currency XRP security. This argument came from the US Representative at the Cryptocurrency Town Hall which was held recently on August 20 by Tom Emmer for the first time.
“XRP is not a security”
Tom Emmer conducted the first-ever Cryptocurrency Town Hall by collaborating with the ‘Chamber of Digital Commerce PAC’. At this hall, a large number of leaders were brought together from the cryptocurrency and blockchain space.
Various famous personalities joined this event. These include the CEO of Ripple Brad Garlinghouse, the CEO of BitPay Stephen Pair, Chad Cascarilla the CEO and co-founder of Paxos, Guy Hirsch of eToro, and the CEO of Circle Jeremy Allaire.
At this Cryptocurrency Town Hall in the presence of these major cryptocurrency figures, the US Representative Tom Emmer addressed this issue of Ripple’s XRP cryptocurrency and argued:
“My position is very clear. XRP is not a security.”
However, Tom Emmer is not the only one who has such views regarding the native digital currency of Ripple. Chris Giancarlo who is the former Chairman of the Commodity Futures Trading Commission (CFTC) also has the same views about XRP. Chris Giancarlo said in the month of June that XRP cannot be considered a security because it does not come upon the criteria of registered security as per the Howey Test.
Remarks of Ripple CEO Brad Garlinghouse
The CEO of Ripple Brad Garlinghouse also gave his remarks on this issue and said that Ripple’s XRP is facing the major challenge that is the “lack of clarity” around its regulatory status. Garlinghouse said:
“The biggest challenge Ripple has faced and anyone developing in the XRP community has faced is the lack of clarity on how assets beyond Bitcoin and Ether are gonna be defined by the SEC.”
These remarks from Ripple’s CEO have come at the time when XRP is facing regulatory uncertainty around it.
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