A trustworthy currency conversion tool now includes XRP as a currency option alongside Bitcoin (BTC) and Ethereum (ETH), sparking conversations within the community.
The mention of XRP on Valutakalkulator, a Norwegian currency converter and calculator, was first brought to light by media personality and XRP community member King Valex. The platform aims to offer valuable data on exchange rates for various currencies worldwide.
Upon inspection of the platform, it is evident that XRP is listed among several other currencies. Alongside XRP, the platform also features six additional cryptocurrencies: Bitcoin, Dash (DASH), Dogecoin (DOGE), Ethereum, Litecoin (LTC), and Monero (XMR). While most of these cryptocurrencies have already received regulatory clarity as currencies, XRP stands out as the only one with legal approval.
Valutakalkulator exclusively focuses on currencies, with minimal support for cryptocurrencies, which have faced scrutiny from regulatory bodies. For instance, the U.S. SEC has taken action against crypto-related companies like Binance and Coinbase, accusing them of offering services involving cryptocurrencies that are considered unregistered securities.
The classification of a cryptocurrency as a security or a currency has legal implications. As a currency, a crypto asset is primarily used for transactions and is regulated under financial laws, emphasizing anti-money laundering (AML) and know your customer (KYC) regulations. On the other hand, if considered a security, a cryptocurrency is viewed as an investment vehicle, subject to securities laws that mandate registration and disclosure to protect investors.
Most cryptocurrencies, including XRP, have not undergone registration with the U.S. SEC, yet they are traded by U.S. citizens. This has led the SEC to accuse these assets of breaching securities laws and seek to regulate them.
XRP has been at the center of a legal battle with Ripple, its largest holder, following allegations by the SEC. While opinions within the crypto community vary on whether XRP should be classified as a security, Valutakalkulator’s designation of XRP as a currency may offer support to the XRP community.
It is worth noting that a U.S. judge has already ruled XRP as a non-security in the SEC vs. Ripple case, contradicting the SEC’s claims. Additionally, reputable government entities, such as the European Corporate Governance Institute and the U.K Financial Conduct Authority, have labeled XRP as a utility token, further affirming its non-security status.
Please note that the information provided in this article is for informational purposes only and should not be construed as financial advice. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic does not take responsibility for any financial losses incurred.