Anatoly Castella Say’s Ripple Tokens are not a Real Currency
XRP is in a grey area between classifying as a security or non-security. Anatoly Castella has even stated that XRP isn’t even an actual currency. The SEC has also not made any official announcements regarding XRP’s classification.
Grand migration from XRP
One of the world’s leading exchanges, Coinbase, recently announced plans to list five new currencies on its exchange. Coinbase has been actively seeking to introduce Stellar Lumens to its exchange and many investors know the Stellar and Ripple’s rivalry.
Steven Cohen made an announcement almost two weeks ago, stating that he would contribute to a digital currency hedge fund under the name of Autonomous Partners. Directed by Ariana Simpson, the hedge refuses to invest anything in XRP. Simpson then spoke about the situation, stating that she had several concerns regarding centralization as well as regulatory worries if Ripple tokens are deemed a security.
Despite Ripple’s development to this point, the controversial XRP is a delicate issue for Ripple. Several lawsuits have also been filed against the company as many allegations surrounding its sale of XRP tokens despite their unregulated status.
The head executive of Elpis, Anatoly Castella has firmly stressed on XRP, stating that it isn’t a real digital currency. As stated by the CEO, the currency does not consist of the essential nature of a cryptocurrency.
He then added that he doesn’t consider XRP as a real currency due to the fact that Ripple is a financial tech platform integrating fiat currencies and digital coins, calling a “Digital Fiat.” He then blamed Ripple for their inability to provide philosophical aspects of BTC and ETH, the two leading cryptocurrencies in the world.
Further speaking about Ripple, he pointed at its lack of any mining activities at all. Ripple’s services are provided by a centralized chain for increased efficiency and speed. Ripple Labs mined every Ripple token at the same time and holds most of them. According to Anatoly, XRP cannot live up to the favoritism behind Bitcoin and Ethereum, making the SEC’s decision much harder.