According to a senior market analyst at eToro the native token to Ripple, XRP should not be classified as a security. In addition to this, Mati Greenspan said that community for the third largest cryptocurrency has been counterproductive to adoption by the banking sector through their behaviour.
Greenspan was asked for his views on the token to which he confirmed that he is still bullish on the payments settlement token. In a webinar yesterday he said that the token could disrupt the whole banking system and also argued that XRP shouldn’t be classed as a security in the United States. On top of this Greenspan said that its characteristics more closely resemble those of a utility token. Greenspan said “XRP is not a security, in my personal opinion. My best understanding is XRP is logically a utility token [but] the SEC may see things differently.”
Nevertheless, Greenspan showed his reservations mainly due to the community of XRP online. Even though the big following of XRP has been very effective in raising awareness, it also has an aggressive side. Some of the XRP enthusiasts have been known to basically bully banks and financial institutions in adoption the cryptocurrency. “The negative side to [XRP’s online community] is aggressiveness. Floods of people are attempting to force banks to accept XRP.”
To support his viewpoint, Greenspan argued that the aggressive side of the community could be pushing the banks and financial organisation to look elsewhere. Banks which have publicly considered the adoption of the token have later decided against it. Greenspan this was mainly down to the online community and the hostile environment it seems to emit.
There isn’t a community quite so active as XRPs. if you look to Twitter the #XRPArmy has been a big part of the community on several issues - one of the biggest being the regulatory status in the United States for the token. In addition to this, they have also demanded a listing on the popular cryptocurrency exchange Coinbase.
As reported by Crypto Briefing, “the community’s behaviour has become so overbearing that some are beginning to block them entirely. Jackson Palmer, the creator of Dogecoin (DOGE), had his own individual battles with what he described as a “toxic dumpster fire of a community.”
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