Giancarlo made his statement in the document “Cryptocurrencies and US Securities Laws: Beyond Bitcoin and Air,” compiled for the International Financial Law Review magazine in collaboration with colleague Conrad Bahlke.
     The document notes that the law firm Willkie Farr & Gallagher, in which Giancarlo works, provided Ripple with consulting services on “specific issues,” and Ripple provided the necessary information to prepare the document.

   “XRP cannot be an investment contract because there is no contract or agreement between Ripple and the vast majority of XRP holders. In contrast, Ripple's contracts clearly exclude ordinary XRP owners as third-party beneficiaries, ”said Giancarlo and Balke.

    The authors of the document also emphasize that US regulators have already recognized that bitcoin and ether are not securities. The “sufficiently decentralized nature of XRP” should also remove the coin from the list of securities. However, regulators have yet to express their opinion on this issue.

    “Although Ripple stores a large number of XRP coins and also raises funds through their sale, this is no different from how miners sell mined bitcoins,” Giancarlo believes.

     In addition, Ripple never represented XRP as an investment product, and declared the coin as a tool for providing liquidity and a settlement mechanism. Therefore, according to the authors of the document, XRP should be considered as a currency or medium of exchange.

    Note that among the cryptocurrency users of Japan, XRP is very popular and only slightly behind bitcoin. But according to analyst Peter Brandt (Peter Brandt), XRP is a fraudulent scam, and the price of coins is constantly manipulated.