Justin Bons, founder of Cyber Capital, calls selling XRP to retail investors decentralized outright fraud. His criticism arrives as Evernorth prepares its Nasdaq debut.

The clash pits Bons against David Schwartz, and it tests how decentralized the XRP Ledger really is.

What Makes a Blockchain Truly Decentralized?

Decentralization means no single party controls participation, governance, or transaction rules. The XRP debate centers on whether validator lists give a small group real control.

Bons criticized the decision, arguing that undisclosed software changes create unnecessary security concerns for network participants and investors. The amendment…