According to reports, a bipartisan draft bill in the US Senate has reignited arguments about whether XRP is a commodity or a security.
The Bipartisan Market Structure Draft would divide oversight: the Commodity Futures Trading Commission would police digital commodities like XRP and Bitcoin, while the Securities and Exchange Commission would keep authority over traditional securities. Proponents say the move could remove years of legal uncertainty for many tokens.
Rella used Ripple and XRP as main examples and described XRP as a “radical form of commodity money.” He also used the term “digital metallism” to show how XRP can be seen as a self-standing asset that holds value without relying on company liabilities or shares.
What stands out most is his vivid description of XRP as “like gold in your hands” — a digital asset designed to be “the most liquid of assets on the XRP Ledger.”
Rella argued that XRP plays two clear roles. It behaves like a digital asset with commodity-like traits and it also serves as part of Ripple’s payment network, acting as a bridge asset for moving money across borders.
The study traces Ripple’s path from a trust-based mutual credit system to a blockchain-powered payments network focused on speed and liquidity. That historical arc helps explain why some users treat XRP as an independent store of value while others use it as a tool for cross-border transfers.
Commentators in the space argue the combination of that court decision and new legislation could finally put the question to rest.
Ripple CEO Brad Garlinghouse has set a target of capturing 14% of SWIFT’s $150 trillion volume, a share that would represent about $40 trillion by 2030 if reached.
Featured image from Gemini, chart from TradingView
