SBI Holdings: Ripple XRP Is A Cryptocurrency Asset Under Japanese Law

Japanese financial giant SBI Holdings issued an official statement noting that Ripple XRP is a cryptocurrency asset under Japanese law.

SBI Holdings, a major Japanese financial services company, has released an official statement regarding the litigation against Ripple by the US Securities Commission (SEC). The group said XRP is called a “cryptocurrency asset” under Japanese law.

Last week, the SEC accused Ripple and two of its executives in a lawsuit that rekindled debate over whether XRP is safe or not. The federal agency said Ripple, its CEO Brad Garlinghouse and co-founder Chris Larsen raised more than $ 1.3 billion in an unregistered standing offering of “securities.”

SBI referred to a December 24 column by Sadakazu Osaka of Nomura Research Institute and hinted that XRP is not a security under Japanese law, but a “cryptocurrency asset”. SBI also quoted a researcher and said XRP will continue to be traded on cryptocurrency exchanges as “crypto assets” rather than “securities” in Japan.

XRP is down more than 60% since its highs back in November. If this issue with SEC is resolved investors will be buying back into XRP and the price might skyrocket again. If you’d like to take advantage of this opportunity click on the link below!