Ripple Wins SEC Battle, but XRPs Decentralization Debate Rages On
The case was officially closed after the SEC dropped its appeal, resulting in a $125 million fine for Ripple and legal recognition that XRP is not a security. However, Ripples cross-appeal remains unresolved, keeping the case in the spotlight.
Despite this outcome, some crypto advocates, especially Bitcoin supporters, remain skeptical. Max Keiser, a well-known Bitcoin proponent, dismissed the ruling, arguing that XRP is a pre-mined security.
His stance was reinforced by the SECs confirmation that Bitcoin and other proof-of-work cryptocurrencies are not securities, prompting Keiser to claim that both XRP and Ethereum fall into that category.
A key argument fueling the debate is Ripples control over 37 billion XRP held in escrow, worth approximately $88.39 billion. Given that XRPs circulating market cap stands at $138.41 billion, this means over a third of the total supply is still in Ripples hands.
While the company has outlined plans for gradual market distribution, critics argue that such centralization challenges XRPs claim of being decentralized.
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Text source: Coindoo
