<ul><li>The IMF released an updated version of its Balance of Payments and International Investment Manual (BPM7), a financial reporting framework developed through consultations with over 160 countries, which introduced classifications for cryptocurrencies.</li><li>There has been controversy over the classification of XRP as a security by the IMF, as its role as a bridge currency in cross-border payments sets it apart from other tokens.</li><li>Ripple's CTO, David Schwartz, strongly disagrees with the classification and emphasizes XRP's decentralized nature and independence from Ripple Labs, stating that it should not be considered a security.</li><li>In a U.S. court ruling in July 2023, XRP was determined not to be a security, contradicting claims made by the U.S. Securities and Exchange Commission (SEC). This legal victory has helped restore confidence in XRP and drive its price surge.</li></ul>

IMF Labels XRP a Security? Ripple CTO Strongly Disagrees

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