Currency Conversion Resources View XRP as a Currency

A reliable currency conversion resource listed XRP as a currency alongside Bitcoin (BTC) and Ethereum (ETH), sparking discussion within the community.
This was first mentioned in a recent post by media personality and XRP community figure King Valex. He mentioned the Valutakalkulator, a Norwegian currency converter and calculator that aims to provide market participants with useful global multi-currency conversion rate data.
A quick check of the platform confirms that it lists XRP as one of its many currencies. However, the platform also lists six other cryptocurrencies, namely Bitcoin, Dash (DASH), Dogecoin (DOGE), Ethereum, Litecoin (LTC), and Monero (XMR). While most of these assets already have legal clarity as currencies, only XRP has received legal clarity.
XRP on Valutakalkulator
Notably, the platform exclusively offers currencies and hardly any cryptocurrencies, a label that has been disputed by multiple entities. For example, the U.S. Securities and Exchange Commission (SEC) has filed charges against multiple cryptocurrency-focused companies, including Binance and Coinbase, alleging that they provide services involving cryptocurrencies that are considered “unregistered securities.”
The importance of cryptocurrency status
Whether a cryptocurrency is a security or actual currency has legal implications. As a currency, the main use of crypto assets is to conduct transactions. Authorities regulate such assets according to the financial regulations of typical currencies, with an emphasis on AML and KYC regulations.
However, as a security, cryptocurrency is an investment vehicle and is subject to securities regulations, requiring registration and disclosure to protect investors. This classification impacts regulatory compliance, market perception, taxation, and use cases.
It is worth noting that almost all existing cryptocurrencies have not gone through the registration process with any national SEC, especially the United States. However, these crypto assets, including XRP, were purchased, held, and sold by U.S. citizens, prompting allegations of securities law violations from the SEC, which is looking to bring these assets under its regulatory umbrella.
XRP was one of the first crypto assets to come under such scrutiny, leading to a multi-year legal battle with Ripple, the largest XRP holder. The crypto community is divided over the SEC's allegations, with some believing that the SEC's allegations are reasonable, while others believe that XRP, like other cryptocurrencies, is not a security.
XRP is widely considered a non-security
The Valutakalkulator tag implies that XRP is a currency and may give voice to the XRP community, but that is not the point. It’s worth noting that the platform’s position doesn’t matter from a legal standpoint. However, it is worth noting that a U.S. judge has already declared XRP a non-security in the SEC vs. Ripple case.
Additionally, several reputable government entities have labels that contradict securities claims. These labels are crucial to XRP’s status in jurisdictions regulated by these entities. Notably, the European Corporate Governance Institute cited the Ripple case ruling that XRP is not a security. Additionally, the UK Financial Conduct Authority (FCA) considers XRP to be a utility token. Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not necessarily reflect the views of The Crypto Basic. Readers should perform adequate research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.