In the lead-up to the US Securities and Exchange Commission’s (SEC) critical decision on whether digital tokens are securities, CEOs of digital asset investment firms are really giving it to Ripple’s native cryptocurrency, XRP – claiming it’s really just digital fiat. Most of the criticism centers on the role the centralized nature of the XRP tokens distribution model plays in its eventual classification. The collective pooling of investments – with an intention of monetary gain from the efforts of others – is central to the definition of a security, and the SEC has already deemed that ‘initial coin offerings’ (ICOs)…

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