Ripple executive says that the XRP is ‘not a security’

Two of the most important United States-based cryptocurrency exchanges, Coinbase and Gemini, turned down payments made by Ripple, in their attempt to list the XRP token. Shortly after the news emerged, one of the company’s top executives wanted to make everything clear regarding the company’s current status.

According to a report from Bitcoinist, Ripple’s chief market strategist, Cory Johnson, said that XRP is currently not a security.

“We absolutely are not a security. We don’t meet the standards for what a security is based on the history of court law.”

Were they trying to cut their way into being listed?

Mr. Johnson’s statement comes after a few reports, coming from unidentified insiders, revealed that the company tried to buy its place on the above-mentioned cryptocurrency exchanges, in an attempt to significantly attract an increase in the token’s trading volume and, automatically, price.

To be more specific, one of Ripple’s executives apparently made a $1 million cash offer to Gemini, in order to have XRP listed. But this was not the first attempt to persuade the exchange owned by the Winklevoss twins! Previously, the people at Ripple offered to pay rebates and cover associated costs as well.

As for Coinbase, the company offered to lend them more than $100 million worth of XRP, alongside offering to let them pay back the loan in either XRP or USD. This would’ve allowed Coinbase to register major profits, in the eventuality of XRP’s price growing significantly.

Still no luck until now

Both of these offers were turned down, as the exchanges were fearing concerns over the United States Securities and Exchange Commission’s potential classification of the XRP token as a security.

Ripple didn’t deny the claims, but they keep denying that talks over XRP’s regulation as a security ever took place in the past.

“Coinbase never ever raised the issue of whether or not XRP is a security in our discussions about listing XRP. We’re 100 percent clear, it’s not a security. We don’t meet the standards,” Cory Johnson said.

Coinbase also confirms this claims, as the conversation was mostly focused on what criteria XRP should meet in order to be listed on the exchange.