Nomura and Ripple Partner SBI Holdings support XRP and reject categorization of Token as security – Altcoins Bitcoin News
As XRP’s value continues to fall due to Ripple’s troubles with the United States Securities and Exchange Commission (SEC), the token appears to be finding some support in Japan as the country’s crypto exchanges have refused to pull it down. from the list.
Nomura and Key Ripple Partner Continue to Support XRP, Deny US SEC Claims
According to a report published by Sadakazu Osaki, an analyst at the economic research firm Nomura Research Institute, Ripple’s token is considered in the land of the rising sun as a crypto asset, according to the Funds Settlement Act, because the securities are registered with the financial services . Agency (FSA) for “offer or sale”.
This is why XRP cannot be categorized as “securities” and, therefore, the SEC’s lawsuit against the blockchain company will have no impact on the token’s status in Japan, the researcher said.
Osaki also highlighted the popularity of XRP in Japan, as the token “is widely traded in cryptocurrency exchanges in Japan”:
It can be said that the interpretation that it does not fall under âsecuritiesâ under the Financial Instruments and Foreign Exchange Act, which requires the presentation of a document, has been established. This point will not be affected by the proceedings between the SEC and Ripple.
Additionally, SBI Holdings, considered one of the largest financial firms in the country, supports Osaki’s take on XRP, stating that the exchanges will continue to trade the token in accordance with local laws established by watchdogs. correspondents.
Ripple CEO denies XRP is security
In the lawsuit, the US SEC claimed that Ripple Labs Inc. and two of its executives raised more than $ 1.3 billion “from an unregistered pending digital asset offering.”
Such claims were denied by Ripple CEO Brad Garlinghouse, who said the SEC claims were “fundamentally wrong in law and in fact.”
The legal battle between Ripple and the US SEC has led to a series of announcements by major cryptocurrency exchanges to withdraw or stop XRP trading as a temporary measure due to the turmoil that triggered high volatility and leads to legal uncertainty regarding Ripple’s token.
What do you think of the Japanese crypto industry’s stance on Ripple’s troubles with the US SEC? Let us know in the comments section below.
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