Justin Bons, the founder and CIO of Cyber Capital, has sparked debates within the crypto community by accusing the Ripple Foundation of having complete control over the XRP network, raising questions about whether XRP is a security or a commodity. Bons claims that the network is centralized and permissioned, pointing out the Unique Node Lists (UNLs) consensus mechanism as evidence.

Meanwhile, lawyer Bill Morgan defends XRP, stating that the fate of Ripple in its ongoing battle with the SEC doesn’t rest on the network’s decentralization but on the Howey test. Bons suggested that switching to a Proof of Stake (PoS) consensus mechanism could solve XRP’s alleged centralization, but Morgan counters that staking and rewards could bring trouble for Ethereum’s future after its transition to PoS.