Two of the leading names in the cryptocurrency world, BitGo CEO Mike Belshe and cryptographer Adam Back, exchanged important views on the nature and future of Bitcoin and XRP on Twitter.
Adam Back Argues That Cryptocurrencies Other Than Bitcoin Are Securities
Back, co-founder and CEO of Blockstream and one of the earliest contributors to Bitcoin, argued that Bitcoin is not just a cryptographic technology, but a decentralized network that resists censorship and manipulation. He also claimed that many altcoins are centralized and violate securities laws.
Belshe, co-founder and CEO of BitGo, a leading digital asset custody and security company, said that Bitcoin was also centralized in its early days and could be considered a security by regulators.
He said he hopes Ripple, the company behind XRP, wins its legal battle with the SEC, not because it loves XRP, but because it believes regulatory change is needed to encourage innovation in the cryptocurrency space.
The SEC recently sued Binance and Coinbase, naming a large number of altcoins as securities. However, SEC chairman Gary Gensler claims that most altcoins other than Bitcoin are securities.
*Not investment advice.