Ripple CTO Fires Back at IMF’s Claim, Insists XRP Doesn’t Qualify as a Security

• Ripple CTO David Schwartz criticizes the IMF’s classification of utility tokens as a security.
• Schwartz argues that Bitcoin should also be classified as utility tokens under the IMF’s definition.
• The debate over XRP’s classification comes amid Ripple’s ongoing legal battle with the SEC.

Ripple’s Chief Technology Officer, David Schwartz, has come out strongly against claims suggesting that XRP should be classified as a security under the International Monetary Fund’s (IMF) definition of utility tokens.

The IMF recently released the seventh edition of its Balance of Payments and International Investment Manual (BPM7). This latest version is a significant update, being the first revision since 2009, and notably incorporates the growing role of cryptocurrencies in the global economy.

However, in this update, the IMF’s attempt to categorize these digital assets has sparked controversy, especially concerning XRP. 

Related: XRP Not a Security: Ripple Celebrates Landmark Ruling, Warns of SEC Overreach

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