President and CEO of SBI Holdings, Yoshitaka Kitao, has taken to Twitter to share another statement released by the SBI Group in response to SEC’s lawsuit against Ripple. As per the release, XRP is a crypto asset and not a security under the Japanese Funds Settlement Law. SBI is a major Ripple partner and investor from Japan that intends to continue trading XRP as a crypto asset. XRP is a Crypto Asset and Not a Security Under Japan’s Law CEO Yoshitaka Kitao remains optimistic that Ripple will be successful in challenging any lawsuit by the SEC. He also made sure that SBI Group will continue to remain a steadfast partner to Ripple as they take up for Asia domination. SECによるRippleに対する訴訟提起に関して［SBIホールディングス］ https://t.co/CZP6MZ2vMK — 北尾吉孝 (@yoshitaka_kitao) December 28, 2020 The statement release further cites an article by an author from the Nomura Research Institute, stating that under the Japanese Funds Settlement Law, XRP is a cryptocurrency asset and not a security, unlike SEC’s claims in the United States. The document also highlights that SBI does not invest in XRP directly, but rather invests in the shares of Ripple. However, it does purchase XRP from Ripple to cover the needs of traders at the SBI VC Trade exchange owned by the SBI Group. Hence, the statement assures that XRP’s downwards valuation will have no impact on the results of SBI’s business. SBI Holdings to Continue Its Support to Ripple The document further reminds of multiple financial institutions in Asia and Europe considering to use Ripple’s technology for remittances. Even without the use of XRP, this will substantially decrease the transfer fees. SBI thus intends to continue its support to Ripple in its expansion outside the U.S. particularly in Japan. Due to growing demand and a lack of understanding with the U.S. government, Ripple had previously looked towards moving from the U.S. to move to a crypto-friendly jurisdiction.
The post Japan’s SBI Group Says XRP Is a Crypto Asset and Not a Security appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
