.IOHK_Charles says it is absurd to apply securities regulation to $XRP. Cardano Ripple XRParmy SECgov
decided to clarify his stance on the SEC lawsuit against Ripple Labs, saying that he has been “hit hard” by some members of the XRP army for his recent comments on Ripple’s issues with the securities regulator.
He does not believe that XRP is a security and this suit against Ripple is absurd and that XRP should be regulated as commodity.Cardano founder wrote that he believes the majority of layer 1 protocols are not securities, since they offer utility and have a sufficient degree of decentralization in them, plus they pass Howie test which shows whether an asset is a security or not.
Basically, Hoskinson believes XRP to be a commodity, likening it to oil and even baseball cards. However, he warns, if you try to securitize oil or cards, you have “obvious issues and information asymmetries”.
Cryptocurrencies aren't immune to regulation. Markets need to be stable, well-functioning, trusted actors monitored, and cartels examined. Commodity regulation is principles based, market oriented, and global by nature. Commodities survive those who aggregate them
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