Pierre Rochard, a prominent critic of Ripple, believes that XRP should not be classified as a security because the company does not owe investors any utility or obligations. Judge Analisa Torres had previously ruled that secondary sales of XRP were not securities in 2023, which was seen as a setback for the SEC. XRP's inclusion in a multi-token strategic cryptocurrency reserve has caused backlash among Bitcoin maximalists. Rochard has argued that Ripple is the biggest obstacle to a Bitcoin-only reserve, while Ripple CEO Brad Garlinghouse supports a multi-token cryptocurrency reserve and criticizes maximalism.



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