- Bill Morgan gives evidence to support the XRP decentralization narrative.
- Grayscale, Bitwise, and Franklin Templeton consider XRP a decentralized asset.
- XRP’s clear status is a reason for increased adoption of the cryptocurrency.
Founder and CEO of Cyber Capital, Justin Bons, claimed that XRP is centralized and permissioned in his latest tweet. Renowned cryptocurrency lawyer Bill Morgan continued with his argument that XRP is a decentralized cryptocurrency by citing Grayscale’s description of the digital asset in a recent filing with the SEC.
Grayscale, Bitwise, and Franklin Templeton Describe XRP
According to Grayscale’s latest filing, XRP is a digital asset created and transmitted through the operations of the peer-to-peer XRP Network, which is a “decentralized” network of computers that operate on cryptographic protocols.
Notably, Grayscale is one of several well-known establishments that have recently described XRP as a decentralized entity. Morgan listed a few other firms that classified XRP in the same category as a decentralized protocol, all of which recently filed for spot or futures XRP ETFs with the SEC.
Related: XRP ETF Inches Closer: SEC Acknowledges Bitwise Filing, Review Begins
Morgan’s list included Bitwise, a technology consulting and services company that described the XRP Ledger (XRPL) as a decentralized ledger upon which XRP transactions can be processed and settled. Bitwise further noted that the XRPL is a shared public ledger that is similar to the Bitcoin network.
Morgan also shared an excerpt from Franklin Templeton’s filing with the SEC, where the investment management firm outlined a similar description with Bitwise, emphasizing the XRPL’s decentralization. The crypto lawyer, by highlighting XRPL descriptions from top investment firms, aims to debunk the argument that XRP is decentralized.
The centralization narrative against XRP is FUD
It is worth noting that Morgan initially criticized Cyber Capital founder Justin Bons for championing the permissioned narrative against XRP. According to Morgan, Bons was “parroting” a 2017-era FUD that led to XRP’s protracted challenges of the past years.
With the legal battle between Ripple and the SEC now forgone, most crypto users believe that XRP’s status as a decentralized entity is clearer. That is the tailwind behind the multiple spot and futures XRP ETF applications from top asset management firms, which most crypto users believe would boost XRP’s demand and cause a significant growth in the cryptocurrency’s value.
Related: Grayscale Adds Staking ETH & SOL ETPs as XRP ETF Decision Window Approaches
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Source: https://coinedition.com/crypto-lawyer-reinforces-arguments-for-xrps-decentralized-status/
