 
 
The XRP community has fired shots at an investor who called the asset a centralized, controlled security. This comes after years of debate on the asset’s decentralization claims that often divide crypto users. Recently, skeptics have raised concerns over the approval of several altcoin ETFs, differentiating the structure from Bitcoin.
The XRP Army, as fondly called, defended the asset against critics who questioned the asset’s centralized claims in the heat of spot ETF applications in the United States. In response to PolyMarket’s post that 70% of users back a spot XRP ETF this year, an investor, Jason, sparked a huge debate with these comments.
According to Jason, XRP is a centralized security and the direct opposite of Bitcoin, adding that security laws will become worthless if the SEC approves the products. Jason noted that this will lead to chaos because huge institutional investors will dump their assets on retail traders while selling the 50% they own.
“That kind of chaos is NOT a good idea for America because the world believes we have stable and controlled markets — and they’re willing to park and invest their money with us. Now… if there was a sophisticated investor test, and XRP could only be traded by people who pass that test, well, at LEAST those individuals would be educated to how dangerous it is to invest too much into these type of projects,” he added.
In response, the XRP community backed the token amid recent legal disputes with the Securities and Exchange Commission (SEC). Several users called Jason biased, stressing a similar narrative to that of the financial regulator. The SEC alleged Ripple offered unregistered securities sparking a lawsuit with XRP holders flagging bias against the asset.
 
John Deaton Backs XRP
Pro-XRP lawyer John Deaton joined the conversation, stressing the bias of critics against the asset. According to Deaton, he would be happy to educate Jason on the law, but the latter prefers to make statements like this, which are likely to promote bias. Although some crypto users are only pro-Bitcoin, several altcoins have shown promise with growing use-cases.
The XRP community also backed spot ETF applications, setting sights on huge upticks recorded in Bitcoin products. After the asset broke $3 last year, analysts projected a rise to $6 on the back of a huge institutional inflow. Recently, the asset lost a chunk of gains following the crypto dip.
Source: https://zycrypto.com/xrp-army-pushes-back-on-centralized-security-allegations-as-70-back-spot-etf-approval/