Pierre Rochard on XRP’s Status

Pierre Rochard, vice president of research at Bitcoin mining giant Riot Platforms, has opined that XRP is not a security, despite many critics claiming otherwise.

Rochard, a vocal Ripple detractor, argues that since the enterprise blockchain company does not owe investors any utility or value, the token cannot be classified as a security. “They are free to dump on you and you have no right to do anything about it other than join them in dumping XRP. That’s why XRP is not a security,” he stated.

He emphasized that numerous “worthless” and “harmful” products do not fall under the security definition.

In a 2023 ruling, Judge Analisa Torres concluded that secondary sales of the Ripple-linked token were not securities, marking a significant setback for the SEC.

Recently, it was announced that XRP would be part of a multi-token strategic cryptocurrency reserve, eliciting backlash particularly among Bitcoin maximalists.

In January, Rochard had identified Ripple as the largest barrier to a Bitcoin-only reserve, as the company is actively lobbying against it. Conversely, Ripple CEO Garlinghouse argued that these efforts would actually facilitate the development of a multi-token reserve, criticizing maximalism.