Riot Platforms VP Pierre Rochard Claims XRP Is Not a Security

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

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

Rochard, one of the most vocal and prominent Ripple detractors, claims that the token cannot be classified as a security because the enterprise blockchain company does not actually owe investors utility or "anything else."

"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 said.

Rochard has added that there are a lot of "worthless" and "harmful" products that do not fall under the definition of a security.

As reported by U.Today, Judge Analisa Torres determined that secondary sales of the Ripple-linked token were not securities back in 2023, delivering a blow to the SEC.

On Sunday, it was revealed that XRP would be included in a multi-token strategic cryptocurrency reserve. This has caused rather severe backlash within the cryptocurrency (especially among Bitcoin maximalists).

In January, Rochard stated that Ripple was the biggest obstacle to a Bitcoin-only reserve since the company was aggressively lobbying against it.

Garlinghouse claimed that the company's efforts were actually making the creation of a multi-token crypto reserve more likely. The Ripple CEO has openly advocated for a multi-token cryptocurrency reserve, railing against maximalism.