According to Morgan, this essentially goes to dispel the claim that there is a common enterprise between XRP holders and Ripple.
Bill Morgan, a pro-XRP lawyer and commercial litigation specialist based in Australia, recently asserted that Ripple has been efficient so far at proving that its products and business operations can function without XRP or the XRP Ledger (XRPL).
Morgan stressed this in a recent tweet while responding to a remark on Ripple’s announcement for its innovative Central Bank Digital Currency (CBDC) platform.
Ripple is doing a great job showing its products and software can operate without XRP and the XRPL can work without Ripple. The argument that there is common enterprise between XRP holders and Ripple which XRP in secondary markets represents is being shot to pieces. https://t.co/HZiUqZKdaZ
— bill morgan (@Belisarius2020) May 19, 2023
“Ripple is doing a great job showing its products and software can operate without XRP and the XRPL can work without Ripple. The argument that there is common enterprise between XRP holders and Ripple which XRP in secondary markets represents is being shot to pieces,” Morgan said.
Essentially, the lawyer believes that Ripple is demonstrating that its products can function independently of XRP. He also noted that the XRPL is not reliant on Ripple’s operations or control to operate successfully.
Morgan’s argument further emphasizes that this demonstration from Ripple challenges the notion of common enterprise between XRP holders and the company. Ripple has continued to champion the narrative that XRP and the XRP Ledger are not under its control, and can function independently.
Ripple Continues to Prove Its Independence from XRP
Ripple has notably refrained from explicitly asserting a direct relationship between its latest products and XRP. As reported by The Crypto Basic, the firm recently unveiled its CBDC platform, designed to provide central banks and financial institutions with the means to develop their own digital currencies.
While Ripple initially mentioned the potential use of XRP as a bridge currency during the pilot phase of the platform in 2021, the latest announcement did not include any mention of XRP’s involvement.
This omission sparked speculations that the platform would not leverage the asset. However, David Schwartz, Ripple’s CTO, dispelled these claims by clarifying that the product indeed supports XRP.
A similar omission occurred last month when Ripple launched its Liquidity Hub product. The firm had previously mentioned the use of XRP for the product when Ripple first introduced it in 2021. However, the announcement last month did not state if XRP will be used despite mentioning other assets.
In a recent statement, David Schwartz emphasized the positive aspect of Ripple launching products that can operate independently of XRP. He expressed his view that it is not advisable for the company to develop products that compel users to utilize XRP.
Schwartz advocated for a more inclusive approach, suggesting that integrating XRP into the products while giving users the freedom to choose between XRP or alternative digital assets would be a better strategy.
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