Ripple’s Sagar Sarbhai has said he believes that blockchain technology and crypto assets are now being tackled more holistically by policymakers.
Ripple’s Sagar Sarbhai has said he believes that blockchain technology and crypto assets are now being tackled more holistically by policymakers, in an developments in Thailand, which has provided a robust regulatory framework for crypto assets.
In the U.S. context, Sarbhai countered concerns that Ripple’s native token, XRP, is likely to come under a security classification – as several high-profile ongoing lawsuits allege.
He pointed to the open-source protocol of the XRP ledger and its independence from the corporation itself, emphasizing that RIpple controls only 7 percent of the validator nodes operative on the network. He further argued that XRP investors do not secure a stake or shareholder-like position when they purchase the asset, and emphasized that countries such as Australia, Philippines and Thailand have therefore all classified XRP as a commodity.
Sarbhai notably China is a good example of a country that upholds a notoriously tough stance against decentralized cryptocurrencies, even as blockchain makes inroads at the very highest levels of the political structure.
This spring, Chinese president Xi Jinping openly praised blockchain as an example of a “new generation” of technologies delivering “breakthroughs,” and the country has sealed the world record for blockchain-related patent applications filed throughout 2016 and 2017.