Former CFTC Chairman Believes XRP Is Alternative Currency And Not Security

[Abhickm]

The former chairman of Commodities Futures Trading Commission (CFTC), Chris Giancarlo, wrote an op-ed for the International Financial Law Review, claiming that XRP is not a security but an alternative currency.

XRP Did Not Qualifies Howey Test
The op-ed written by Giancarlo along with Conard Bahlke, a lawyer at international firm Willkie Farr & Gallagher, explained that instead of considering XRP is a security, people should start looking it as a currency or a medium of exchange. They have further explained that while the XRP was being reviewed through the Howey Test, the researchers found that the digital asset did not qualify it. read more